Q31 Retirement of a Partner TS Grewal Solutions Class 12 Accountancy 2024-25

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Question 31: N, G and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2016 their Balance Sheet was as under:

Liabilities	₹	Assets		₹
Creditors General Reserve Capitals: N S G	1,65,000 90,000 2,25,000 3,75,000 4,50,000	Cash Debtors Less: Provision Stock Machinery Patents Building Profit & Loss Account	1,35,000 15,000	1,20,000 1,20,000 1,50,000 4,50,000 90,000 3,00,000 75,000
	13,05,000			13,05,000

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

(a) Debtors of ₹ 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.

(b) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.

(c) An unrecorded creditor of ₹ 30,000 will be taken into account.

(d) N and S will share the future profits in 2 : 3 ratio.

(e) Goodwill of the firm on G’s retirement was valued at ₹ 90,000.

Pass necessary Journal entries for the above transactions in the books of the firm on G’s retirement.

SOLUTION:

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