Welcome to CommerceNinja’s solutions for TS Grewal’s Class 12 Retirement of a Partner For the session 2024-25.
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Q24. Punit, Ramit and Akshit were partners sharing profits equally. Akshit retired on 1st April, 2023. Punit and Ramit decided to continue the business and share profits in the ratio of 3 : 2. They also decided to give effect to the change in values of assets and liabilities without changing their book values.
| Book Values | Revised Values | |
| Land | 550,000 | 850,000 |
| Building | 250,000 | 210,000 |
| Computers | 100,000 | 70,000 |
| Computer Software | 500,000 | 400,000 |
| Sundry Creditors | 70,000 | 60,000 |
| Workmen Compensation Claim | – | 5000 |
Pass an adjustment entry.
SOLUTION:
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