Q30 Retirement of a Partner TS Grewal Solutions Class 12 Accountancy 2024-25

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Question 30 : Kanika, Disha and Kabir were partners sharing profits in the ratio of 2 : 1 : 1. On 31st March, 2016, their Balance Sheet was as under:

Liabilities	₹	Assets	₹
Trade Creditors Employee’s Provident Fund Kanika’s Capital Disha’s Capital Kabir’s Capital	53,000 47,000 2,00,000 1,00,000 80,000	Bank Debtors Stock Fixed Assets Profit & Loss A/c	60,000 60,000 1,00,000 2,40,000 20,000
	4,80,000		4,80,000

Kanika retired on 1st April, 2016. For this purpose, the following adjustments were agreed upon:

(a) Goodwill of the firm was valued at 2 Year’s purchase of average profits of three completed years preceding the date of retirement. The profits for the year:

2013-14 were ₹ 1,00,000 and for 2014-15 were ₹ 1,30,000.

(b) Fixed Assets were to be increased to ₹ 3,00,000.

(c) Stock was to be valued at 120%.

(d) The amount payable to Kanika was transferred to her Loan Account.

Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet of the reconstituted firm.

SOLUTION:

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More TS Grewal Class 12 Accountancy Solutions for Retirement of a Partner

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