Solution of Q 29 Retirement of Partner TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 29, Chapter 6 Retirement of a Partner, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 29
Ram, Laxman and Bharat are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of ₹1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at ₹2,52,000. Ram and Bharat decided to share future profits in the ratio of 2 : 1. The Profit for the first year after Laxman’s retirement amount to ₹1,20,000. Give the necessary Journal entries to record goodwill and to distribute the profit. Show your calculations clearly.
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.
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