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

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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:

LiabilitiesAssets
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
1,60,0001,60,000

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.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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