Q32 Retirement of a Partner TS Grewal Solutions Class 12 Accountancy 2024-25

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Q32. Ashok, Bhaskar and Chaman are partners in a firm, sharing profits and losses as Ashok 1/3, Bhaskar 1/2, and Chaman 1/6 respectively. The Balance sheet of the firm as at 31st March, 2023 was:

Liabilities	₹	Assets		₹
Capital A/cs: Ashok Bhaskar Chaman General Reserve Sundry Creditors Loan Payable	3,00,000 4,00,000 2,50,000 2,20,000 2,50,000 1,50,000	Building Plant and Machinery Furniture Stock Debtors Less: Provision for Doubtful Debts Cash in Hand Advertisement Suspense Account	1,80,000 5,000	5,00,000 4,00,000 1,00,000 2,50,000 1,75,000 85,000 60,000
	15,70,000			15,70,000

Chaman retired on 1st April, 2023 subject to the following adjustments:

(a) Goodwill of the firm be valued at ₹ 2,40,000. Chaman’s share of goodwill be adjusted into the Capital Accounts of Ashok and Bhaskar who will share future profits in the ratio of 3 : 2.

(b) Plant and Machinery to be reduced by 10% and Furniture by 5%.

(c) Stock to be increased by 15% and Building by 10%.

(d) Provision for Doubtful Debts to be raised to ₹ 20,000.

Prepare Revaluation Account, Capital Account of Chaman and the Balance Sheet of the firm after Chaman’s retirement.

SOLUTION:

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