[ISC] Q. 38 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 38 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Baldev, Hans and Gopal were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 is as under:

LiabilitiesAssets
Creditors
Bills Payable
General Reserve
Capital A/cs:
Baldev
Hans
Gopal
40,000
6,000
12,000

40,000
40,000
30,000
Cash at Bank
Debtors
Less: PDD
Stock
Furniture
Machinery
Goodwill
18,000

22,000
18,000
30,000
70,000
10,000
1,68,0001,68,000

Han retired on 1st April, 2023 on the following terms:

(i) Provision for Doubtful Debts will be raised by ₹ 1,000.

(ii) Stock will be brought down by 10% and Furniture by 5%.

(iii) Liability for Workmen Compensation to the extent of ₹ 1,100 would be created.

(iv) Creators will be written back by ₹ 6,000.

(v) Goodwill of the firm is valued at ₹ 22,000.

(vi) Hans is paid in full with the amount brought in by Baldev and Gopal in such a manner that their capitals are in proportion to their profit-shairng ratio of 3 : 2.

Prepare Revaluation Account, Partner’s Capital Account and Balance Sheet of Baldev and Gopal.

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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