[ISC] Q. 34 Solution of Retirement of Partner TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 34, Chapter 4 Retirement of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 34
Sanjay, Mayank and Tejas were partners sharing profits in the ratio of 4 : 3 : 2. Mayank retired on 1st April, 2023 on which date the capitals of Sanjay, Mayank and Tejas after adjustments stood at ₹ 1,96,500; ₹ 1,98,000 and ₹ 91,500 respectively. Total capital of the reconstituted firm is to be adjusted by bringing in or paying amount so that future capital of Sanjay and Tejas be in their profit-sharing ratio. Calculate the amount of cash to be paid or to be brought in by the continuing partners. Also record necessary Journal entries for bringing or withdrawal of necessary amount.
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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