[ISC] Q. 43 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 43 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Balance Sheet of Xavier, Yusuf and Zaman who were sharing profits in the ratio of 4 : 3 : 2 stood as follows as at 31st March, 2023:

LiabilitiesAssets
Sundry Creditors
Workmen Compensation Reserve
Capital A/cs:
Xavier
Yusuf
Zaman
41,400
9,000

1,20,000
90,000
60,000
Cash at Bank
Sundry Debtors
Less: PDD
Stock
Plant and Machinery
Land and Building
Advertisement Expenditure
30,450
1,050
33,000

29,400
48,000
51,000
1,50,000
9,000
3,20,4003,20,400

Yusuf retired from the firm on 1st April, 2023 and following adjustments in the books of the firm were agreed upon:

(i) That Land and Building be appreciated by 10%.

(ii) Provision for Doubtful Debts is no longer necessary.

(iii) Stock be appreciated by 20%.

(iv) Adjustment be made in the accounts to rectify a mistake previously made whereby Yusuf was credited in excess by ₹ 8,100 while Xavier and Zaman were debited in excess by ₹ 4,200 and by ₹ 3,900 respectively.

(v) Goodwill of the firm be valued at ₹ 54,000 and Yusuf’s share is to be adjusted in the Capital Accounts of Xavier and Zaman who are going to share future profits in the ratio of 2 : 1.

(vi) Capital of the firm, as newly constituted, will be readjusted by bringing in or paying cash so that the future capitals of Xavier and Zaman be in the ratio of 2 : 1.

Pass Journal entries and prepare Balance Sheet of the new firm showing Yusuf’s balance as loan.

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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