[ISC] Q. 23 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

Solution to Question number 23 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

The Balance Sheet of Sanjiv, Rajiv and Satish is as follows:

Liabilities	₹	Assets		₹
Trade Creditors Capital A/cs: Sanjiv Rajiv Satish	70,000 1,25,750 1,00,000 85,000	Freehold Property Plant Stock Sundry Debtors Less: PDD Cash at Bank	62,500 1,000	90,000 1,50,000 55,000 61,500 24,250
	3,80,750			3,80,750

Rajiv agrees to take over the business. Sanjiv and Satish retiring on the following terms:

(i) Goodwill of the firm be valued at ₹ 75,000.

(ii) Plant and Stock be reduced by 10%.

(iii) Freehold Property be appreciated by ₹ 10,000.

(iv) Provision for Doubtful Debts be brought up to ₹ 2,500.

(v) Rajiv has to bring in sufficient cash to pay off Sanjiv and Satish. The partners used to share profits in the proportion of 2/5, 2/5 and 1/5.

Show necessary Journal entries, Partner’s Capital Accounts and Balance Sheet of Rajiv after retirement of Sanjiv and Satish.

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