[ISC] Q. 29 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 29 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Vineet, Neeti and Umeed are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:

LiabilitiesAssets
Capital A/cs:
Vineet
Neeti
Umeed
General Reserve
Workmen Compensation Reserve
Creditors
9,00,000
7,00,000
5,00,000
3,30,000
2,40,000
4,10,000
Building
Plant
Furniture
Stock
Debtors
Cash at Bank
Advertisement Suspense A/c
10,00,000
8,00,000
80,000
5,00,000
6,00,000
70,000
30,000
30,80,00030,80,000

Umeed retired on 1st April, 2023 and for that purpose:

(i) Goodwill of the firm valued at ₹ 7,20,000. Umeed’s share is to be adjusted in the accounts of Vineet and Neeti.

(ii) Based on Expert’s Valuation, Building to be appreciated by 20% and Plant to be reduced by 10%. He was paid a fee of ₹ 4,000.

(iii) Furniture is to be reduced by ₹ 8,000.

(iv) Provision for Doubtful Debts is to be created @ 5% on debtors.

Vineet and Neeti are to bring in cash in their profit sharing ratio to pay Umeed’s dues on retirement.and leave a sum of ₹ 60,000 as Cash in Hand.

You are required to prepare Revaluation Account. Bank Account , Partner’s Capita Accounts and Balance Sheet of the new firm 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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