[ISC] Q. 7 Death of Partner Solution TS Grewal Class 12 (2022-23)

Share your love

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.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
21Question – 21
22Question – 22
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 and can download the Android & ios app for free lectures.

Articles: 5705

Leave a Reply

Your email address will not be published.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

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh