Q44 Retirement of a Partner TS Grewal Solutions Class 12 Accountancy 2024-25

Welcome to CommerceNinja’s solutions for TS Grewal’s Class 12 Retirement of a Partner For the session 2024-25.

Our expertly crafted notes break down complex cash flow concepts into clear, manageable steps, ensuring you grasp both preparation and interpretation.

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Q44/ Shweta, Meenu and Asha were partners in a firm sharing profits and losses in the ratio of 3 : 5 : 2. Meenu retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits, etc., Capital Accounts of Shweta and Asha showed credit balance of ₹ 3,00,000 and ₹ 1,00,000 respectively. It was decided to adjust the capitals of Shweta and Asha in their new profit sharing ratio. Pass necessary Journal entries for bringing in or withdrawal of the necessary amounts involved. Show your working clearly.

Solution:

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