[ISC] Q. 46 Retirement of Partner TS Grewal Solution Class 12 (2024-25)

Solution to Question number 46 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2024-25 session.

Charu, Harsha and Vaishali are equal partners in a firm. Charu retired from the firm on 30th June, 2022 and according to the agreement, the share of profits of a retiring or a deceased partner up to the date of the retirement/death is to be calculated on the basis of the average profit for the last 5 years. The net profits for the last 5 years were: I – ₹ 14,000; II – ₹ 18,000; III – ₹ 16,000; IV – ₹ 10,000 (Loss) and V – ₹ 16,000. The firm closes its books on 31st March, every year.

Pass the necessary Journal entry to record Charu’s share of profit up to the date of retirement.

Solution:-

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