[ISC] Q. 40 Retirement of Partner TS Grewal Solution Class 12 (2024-25)
Solution to Question number 40 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2024-25 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:
| Liabilities | ₹ | Assets | ₹ | |
| 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 |
| 2,59,500 | 2,59,500 |
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
Solution:-
Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2024-25)
| S.N | Solutions |
| 1 | Question – 1 |
| 2 | Question – 2 |
| 3 | Question – 3 |
| 4 | Question – 4 |
| 5 | Question – 5 |
| 6 | Question – 6 |
| 7 | Question – 7 |
| 8 | Question – 8 |
| 9 | Question – 9 |
| 10 | Question – 10 |
| S.N | Solutions |
| 11 | Question – 11 |
| 12 | Question – 12 |
| 13 | Question – 13 |
| 14 | Question – 14 |
| 15 | Question – 15 |
| 16 | Question – 16 |
| 17 | Question – 17 |
| 18 | Question – 18 |
| 19 | Question – 19 |
| 20 | Question – 20 |
| S.N | Solutions |
| 21 | Question – 21 |
| 22 | Question – 22 |
| 23 | Question – 23 |
| 24 | Question – 24 |
| 25 | Question – 25 |
| 26 | Question – 26 |
| 27 | Question – 27 |
| 28 | Question – 28 |
| 29 | Question – 29 |
| 30 | Question – 30 |
