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

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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:

LiabilitiesAssets
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
3,80,7503,80,750

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.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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