[ISC] Q. 7 Death of Partner Solution TS Grewal Class 12 (2022-23)
Are you looking for the solution to Question number 7 of the Death of Partner Chapter of TS Grewal Book ISC Board 2022-23 Edition?
Pawan, Raman and Sharman were partners sharing profits in the ratio of 4/8, 3/8 and 1/8. It is provided in the Partnership Deed that on the death of any partner, partner’s share of the goodwill is to be valued at one-half of the net profit credited to his account during the last four completed financial years.
Raman died on 1st April, 2022. Firm’s profits and losses for the last 4 financial years were: 2018 – 19 (Profit ₹ 1,20,000); 2019 -20 (Profit ₹ 60,000); 2020-21 (Loss ₹ 20,000) and 2021 – 22 (Profit ₹ 80,000).
(i) Determine the amount that should be credited to Raman for his share of goodwill.
(ii) Pass a Journal entry for the adjustment of Goodwill when profit sharing ratio between Pawan and Sharman in future will be 3 : 2. Show your workings clearly.
Solution:-
Here is the list of Solutions
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 |
21 | Question – 21 |
22 | Question – 22 |