[ISC] Q. 46 Solution of Retirement of Partner TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 46, Chapter 4 Retirement of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 46
Charu, Harsha and Vaishali are equal partners in a firm. Charu retired from the firm on 30th June, 2022 and according to the agreement, the share of profits of a retiring or a deceased partner up to the date of the retirement/death is to be calculated on the basis of the average profit for the last 5 years. The net profits for the last 5 years were: I—₹ 14,000; II—₹ 18,000; III—₹ 16,000; IV—₹ 10,000 (Loss) and V—₹ 16,000. The firm closes its books on 31st March, every year.
Pass the necessary Journal entry to record Charu’s share of profit up to the date of retirement.
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.
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