[ISC] Q. 36 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 36 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Naresh, Dhruv and Azeem are partners sharing profits in the ratio of 5 : 3 : 7. Naresh retires from the firm. Dhruv and Azeem decided to share profits in the ratio of 2 : 3. The adjusted capital accounts of Dhruv and Azeem at the time of Naresh’s retirement showed the balances of ₹ 33,000 and ₹ 70,500 respectively.

The total amount to be paid to Naresh is ₹ 90,500 which is paid in cash immediately by the firm, the cash being contributed by Dhruv and Azeem in such a way that their capitals become proportionate to their new profit sharing ratio and the firm maintains a minimum cash balance of ₹ 5,000 from its existing balance of ₹ 20,000.

You are required to pass Journal entries to record:

(a) Payment made to the retiring partner:

(b) Cash brought in by the remaining partners to pay off the retiring partner.

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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