[ISC] Q. 37 Retirement of Partner TS Grewal Solution Class 12 (2026-27)

Solution to Question number 37 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2026-27 session?

Varun, Amit and Renu were partners sharing profits and losses in the ratio of 4 : 3 : 2. Amit retired on 1st April, 2023. On that date, capitals of Varun, Amit and Renu after all adjustments stood at ₹ 39,300; ₹ 39,600 and ₹ 18,300 respectively. Total Capital of the reconstituted firm is fixed at ₹ 56,000 between Varun and Renu in the proportion of 5/8th and 3/8th after passing entries in their accounts for adjuments. Calculate amount to be paid or to be brought in by the continuing partners and pass necessary Journal entries.

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