[ISC] Q. 19 Solution of Retirement of Partner TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 19, Chapter 4 Retirement of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 19
Alok, Ankit and Bipin are partners sharing profits and losses in the ratio of 3 : 2 : 1. Ankit retired on 1st April, 2023. Alok and Bipin will share future profits in the ratio of 3 : 2. They also decided to give effect by passing an adjustment entry of the following accumulated profits, losses and reserves without affecting their book values:
- General Reserve ₹ 30,000;
- Contingency Reserve ₹ 5,000;
- Profit & Loss A/c (Cr.) ₹ 15,000;
- Advertisement Suspense A/c (Dr.) ₹ 20,000.
Pass the necessary adjustment entry.
Solution
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About this solution
This is Chapter 4 Retirement of Partner of ISC TS Grewal Edition 2023-24.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.
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