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

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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:

LiabilitiesAssets
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
16,58,00016,58,000

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

Stock2,00,000
Plant and Machinery2,35,300
Land and Building2,00,000
Furniture1,42,500

(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.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NSolutions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NSolutions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NSolutions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
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