[ISC] Q. 37 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 37 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Balance Sheet of Manoj, Navin and Deep who were sharing the results in proportion to their capitals as at 31st March, 2023 is as under:

LiabilitiesAssets
Bills Payable
Sundry Creditors
Capital A/cs:
Manoj
Navin
Deep
10,000
24,500

1,00,000
75,000
50,000
Bank Balance
Debtors
Less: PDD
Stock
Plant and Machinery
Factory Building
25,000
500
27,500

24,500
40,000
42,500
1,25,000
2,59,5002,59,500

Navin retired on 1st April, 2023 and the following adjustments were made:

(i) Stock was reduced by 6%.

(ii) Factory Building was appreciated by 20%.

(iii) Provision for Doubtful Debts was created up to 5%.

(iv) Provision for legal charges to be made ₹ 3,850.

(v) Goodwill of the firm be fixed at ₹ 54,000.

(vi) Capital of the new firm be fixed at ₹ 1,40,000 in the profit and loss sharing ratio.

Prepare Revaluation Account, Capital Accounts and Balance Sheet of Manoj and Deep after transferring Navin’s Capital Account to his Loan Account.

Solution:-

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2023 – 24)

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1Question – 1
2Question – 2
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10Question – 10
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40Question – 40
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41Question – 41
42Question – 42
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44Question – 44
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46Question – 46
47Question – 47
48Question – 48
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