Q. 24 solution of Retirement of Partner Chapter TS Grewal Book Class 12 2021-22

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Are you looking for the solution of Question number 24 of the Retirement of Partner Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?

Question number 24 of the Retirement of Partner chapter is a practical one.

Solution of Question Number 24 of Retirement of Partner Chapter of TS Grewal Book 2021-22 Class 12

Question – 24

A, B and C were partners, sharing profits and losses in the ratio of 2:2:1. B retired on 31st March, 2021. On the date of his retirement, some of the assets and liabilities appeared in the books of as follows:

Creditors ₹ 70,000; Building ₹ 1,00,000; Pland and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000.

Following was agreed among the partners on B’s retirement:

a) Building to be appreciated by 20%.

b) Plant and Machinery to be reduced by 10%

c) A provision of 5% on Debtors to be created for Doubtful Debts

d) Stock of Raw Materials to be valued at ₹ 18,000 and Finished Goods at ₹ 35,000.

e) An Old Computer previously written off was sold for ₹ 2,000 as scrap.

f) Firm had to pay ₹ 5,000 to an injured employee.

Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.


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