Q33 Retirement of a Partner TS Grewal Solutions Class 12 Accountancy 2024-25

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Q33. Chintan, Ayush and Sudha were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. on 31st March, 2019, their Balance Sheet was as follows:

Liabilities	₹	Assets	₹
Capitals: Chintan 90,000 Ayush 60,000 Sudha 40,000 Provident Fund General Reserve Creditors	190,000 30,000 20,000 10,000	Plant and Machinery Furniture Stock Debtors 60,000 Less: PFDD (5000) Cash at Bank	90,000 60,000 30,000 55,000 15,000

Chintan retired on the above date and it was agreed that:

(a) Debtors of ₹5000 were to be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts was to be created

(b) Goodwill of the firm on Chintan’s retirement was valued at ₹100,000 and Chintan’s share of the same will be adjusted by debiting the Capital Accounts of Ayush and Sudha

(c) Stock was revalued at ₹36,000

(d) Furniture was undervalued by ₹9000

(e) Liability for Workmen Compensation of ₹2000 was to be created

(f) Chintan was to be paid ₹20,000 by cheque and the balance was to be transferred to his loan account.

Pass the necessary journal entries in the books of the firm on Chintan’s Retirement.

Solution:

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