[ISC] Q. 48 Retirement of Partner TS Grewal Solution Class 12 (2026-27)
Solution to Question number 48 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2026-27 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:
| Liabilities | ₹ | Assets | ₹ |
| 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 |
| 1,68,000 | 1,68,000 |
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:-
