[ISC] Q. 6 Death of Partner Solution TS Grewal Class 12 (2023-24)

Share your love

Solution to Question number 6 of the Death of Partner Chapter of TS Grewal Book ISC Board 2023-24 Edition?

Harpal, Ranjit and Manjit were partners sharing profits and losses in the ratio of 4 : 3 : 1. They close their books of account every year on 31st March. Ranjit died on 30th September, 2022. The firm’s profits for the previous years ended 31st March, were:

YearProfit (₹)
2020-2190,000 (Loss)

Harpal and Manjit decided to share future profits in the ratio of 3 : 2.

Goodwill is to be valued on the basis of 2 year’s purchase of average profit of 4 completed years preceding the year of death of a partner.

Pass Journal entry to record Ranjit’s share of Goodwill.


Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

Articles: 6553

Leave a Reply

Your email address will not be published. Required fields are marked *