[ISC] Q. 24 Solution of Retirement of Partner TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 24, Chapter 4 Retirement of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 24
On 1st April, 2021, Manoj retired from partnership and his share was determined on the date of retirement from the following:
- Goodwill ₹ 30,000
- Interest on Capital ₹ 750
- Salary ₹ 2,250
- Drawings ₹ 30,000
- Interest on Drawings ₹ 3,000
- Share of Profit ₹ 37,500
- Capital ₹ 1,12,500
The amount due to Manoj was to be kept with the firm as a loan bearing interest @ 10% p.a. and was to be paid to Manoj by annual instalments of ₹ 75,000 each, interest being calculated @ 10% p.a. on the unpaid balances. The first instalment was paid on 31st March, 2022.
You are required to prepare Manoj’s Capital Account and also Manoj’s Loan Account until the payment of the whole amount due to him is made.
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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