[ISC] Q. 27 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 27 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Balance Sheet of Payal, Akeel and Ramesh as at 31st March, 2023 was as follows:

LiabilitiesAssets
Creditors
Investments Fluctuation Reserve
Workmen Compensation Reserve
Profit and Loss A/c
Capital A/cs:
Payal
Akeel
Ramesh
2,00,000
2,000
18,000
3,000

51,000
40,000
40,000
Balance at Bank
Debtors
Less: PDD
Stock
Machinery
Investments
Building
Goodwill
30,000
1,600
1,60,000

28,400
4,000
29,000
30,000
1,00,000
3,000
3,54,4003,54,400

Ramesh retired on 1st April, 2023 and following adjustments were agreed upon:

(i) Building is to be appreciated by 10%.

(ii) All the Debtors were good.

(iii) Investments be valued 10% less than the book value

(iv) Stock be reduced to 93%.

(v) Goodwill be valued at one year’s purchase of the average profit of the past three years. Profits of the years ended 31st March, 2021 and 31st March, 2022 were ₹ 8,000 and ₹ 7,000 respectively.

(vi) Ramesh shall be paid ₹ 23,440 immediately and the balance in two equal yearly instalments together with interest @ 8% p.a.

(vii) New Ratio of Payal and Akeel would be 2 : 1.

Prepare Revaluation Account, Partner’s Capital Accounts, Ramesh’s Loan Account (till it is paid) and the Balance Sheet as at 1st April, 2023.

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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Anurag Pathak

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