[ISC] Q. 6 Solution of Death of Partner TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 6, Chapter 5 Death of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 6
Harpal, Ranjit and Manjit were partners sharing profits and losses in the ratio of 4 : 3 : 1. They close their books of account every year on 31st March. Ranjit died on 30th September, 2022. The firm’s profits for the previous years ended 31st March, were:
- 2017–18 — ₹ 3,50,000; 2018–19 — ₹ 3,00,000; 2019–20 — ₹ 1,10,000; 2020–21 — ₹ 90,000 (Loss); 2021–22 — ₹ 1,60,000
Harpal and Manjit decided to share future profits in the ratio of 3 : 2.
Goodwill is to be valued on the basis of 2 years’ purchase of average profit of 4 completed years preceding the year of death of a partner.
Pass Journal entry to record Ranjit’s share of Goodwill.
Solution
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About this solution
This is Chapter 5 Death of a 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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