Are you looking for the solution of Question number 26 of the Retirement of Partner Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?
Question number 26 of the Retirement of Partner chapter is a practical one.
Solution of Question Number 26 of Retirement of Partner Chapter of TS Grewal Book 2021-22 Class 12
Question – 26
X, Y, and Z are partners in firm sharing profits and losses in the ratio of 3:2:1. Z retired from the firm on 1st April 2020. On the date of Z’s retirement, the following balances existed in the books of the firm.:
General Reserve ₹ 1,80,000
Profit and Loss Account (Dr) ₹ 30,000
Workmen Compensation Reserve ₹ 24,000 which was no more required
Employee’s Provident Fund ₹ 20,000
Pass necessary Journal entries for the adjustment of these items on Z’s retirement.