[ISC] Q. 28 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

Solution to Question number 28 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Vijay, Vinod and Yogi were partners sharing profits in the ratio of 1/2, 1/3 and 1/6 respectively. Balance Sheet of the firm as at 31st March, 2023 was as follows:

Liabilities	₹	Assets	₹
Trade Creditors Workmen Compensation Reserve Investments Fluctuation Reserve Employee’s Provident Fund Vijay’s Capital Vinod’s Capital Yogi’s Capital	15,000 12,000 6,000 6,000 68,000 32,000 21,000	Cash at Bank Debtors Less: PDD Stock Investments (Market Value ₹ 17,600) Patents Plant and Machinery Profit and Loss A/c (2022-23)	5,750 38,000 30,000 15,000 10,000 50,000 11,250
	1,60,000		1,60,000

Yogi retired on 1st April, 2023 on the following terms:

(i) Goodwill of the firm was valued at ₹ 30,000.

(ii) Value of the Patents was to be reduced by 20% and that of Plant and Machinery to 90%.

(iii) Provision for Doubtful Debts was to be raised to 6%.

(iv) Liability for Workmen Compensation to the extent of ₹ 3,000 is to be created.

(v) Yogi took over the investments at market value.

(vi) Trade creditors allowed discount of ₹ 3,600 due to defective goods.

(vii) Amount due to Yogi is to be settled on the following basis: 50% on retirement, 50% of the balance within one year and the balance by a bill of exchagne (without interest) at 3 months.

You are required to show Journal entries for the treatment of Goodwill, Revaluation Account, Partners Capital Accounts and the Balance Sheet of Vijay and Vinod after Yogi’s retirement.

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