Solution of Q 25 Retirement of Partner TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 25, Chapter 6 Retirement of a Partner, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 25
A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B retired on 31st March, 2022. On the date of his retirement, some of the assets and liabilities appeared in the books as follows:
Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000.
Following was agreed among the partners on B’s retirement:
- (a) Building to be appreciated by 20%.
- (b) Plant and Machinery to be reduced by 10%.
- (c) A Provision of 5% on Debtors to be created for Doubtful Debts.
- (d) Stock of Raw Materials to be valued at ₹ 18,000 and Finished Goods at ₹ 35,000.
- (e) An Old Computer previously written off was sold for ₹ 2,000 as scrap.
- (f) Firm had to pay ₹ 5,000 to an injured employee.
Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.

Solution

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About this solution
This is Chapter 6 Retirement of Partner of TS Grewal Edition 2022-23.
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 CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.


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