[ISC] Q. 22 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

Solution to Question number 22 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Ram, Shyam and Mohan are partners sharing profits in the ratio of 5 : 3 : 2. Mohan retired on 1st April, 2023 from business. The Balance Sheet stood as at 31st March, 2023 as under:

Liabilities	₹	Assets	₹
Trade Creditors Bills Payable General Reserve Workmen Compensation Reserve Capital A/cs: Ram Shyam Mohan	1,98,000 92,500 1,00,000 67,500 4,00,000 6,00,000 2,00,000	Cash Bank Sundry Debtors Stock Furniture Computers Plant and Machinery Land and Building Investments	85,000 1,31,500 3,40,000 1,81,000 1,82,500 1,32,000 2,02,300 2,60,000 1,43,700
	16,58,000		16,58,000

(i) The assets on Mohan’s retirement are to be revalued as follows:

Stock	2,00,000
Plant and Machinery	2,35,300
Land and Building	2,00,000
Furniture	1,42,500

(ii) A sum of ₹ 17,000 is to be written off from Sundry Debtors.

(iii) Goodwill of the firm be valued t ₹ 90,000 and Mohan’s share in it be adjusted into the Capital Accounts of Ram and Shyam.

The continuing partners agreed to pay ₹ 1,65,000 on retirement of Mohan, to be contributed by the continuing partners in their new profit sharing ratio which is 3 : 2. The balance in the Capital Account of Mohan is to be taken as Loan.

Give Journal entries, prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of reconstituted firm.

Solution:-

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2023 – 24)

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Solutions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48