[ISC] Q. 23 solution of Retirement of Partner TS Grewal Class 12 (2022-23)
Are you looking for the solution to Question number 23 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2022-23 session?
Ram, Shyam and Mohan are partners sharing profits in the ratio of 5 : 3 : 2. Mohan retired on 1st April, 2022 from business. The Balance Sheet stood as at 31st March, 2022 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 reconstitured firm.
Solution:-
Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2022-23)
| 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 |
