Category [CBSE] TS Grewal Solutions [CBSE] TS Grewal Solutions 803 Questions 10 Sub Categories[CBSE] Admission of Partner(141)[CBSE] Death of Partner(41)[CBSE] Dissolution of Partner(55)[CBSE] Fundamentals of Partnership Firm(234)[CBSE] Issue of Debenture(58) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans Rakesh retired from the firm. The amount due to his was determined at ₹ 90,000. It was decided to pay the due amount as follows: On the date of retirement – ₹ 30,000 Balance in three yearly instalments – First two instalments being of ₹ 26,000, including interest; and Balance amount as last instalment. Interest was payable @ 10% p.a. Prepare Retiring Partner’s Loan Account. [Ans.: Interest payable at the end ofyear 1 – ₹ 6,000; Year 2 – ₹ 4,000; Year 3 – ₹ 1,800; Last instalment – ₹ 19,800.] 4.65K viewsAnurag Pathak Changed status to publish June 23, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans 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: 5.33K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Ashok, Bhaskar and Chaman were in partnership sharing profits and losses equally. ‘Bhaskar’ retires from the firm. After adjustments, his Capital Account shows a credit balance of ₹ 3,00,000 as on 1st April, 2019. Balance due to ‘Bhaskar’ is to be paid in three equal annual instalments along with interest @ 10% p.a. Prepare Bhaskar’s Loan Account until he is paid the amount due to him. The firm closes its books on 31st March every year. 4.86K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 3. Their Balance sheet as at 31st March, 2023 is: 5.74K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans 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: 6.70K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans 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: 7.66K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans N, S 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: 6.00K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Alfa, Beta and Gama are in partnership sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 1st April, 2022, the day Beta decided to retire from firm, was as follows: 6.84K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z were equal partners in a firm. On 31st March, 2023, their Balances Sheet was as follows: 4.65K viewsAnurag Pathak Changed status to publish June 22, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Asha, Naveen and Shalini were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at a value of ₹ 80,000 and General Reserve at ₹ 40,000. Naveen decided to retire from the firm. On the date of his retirement, goodwill of the firm was valued at ₹ 1,20,000. The new profit sharing ratio decided among Asha and Shalini is 2 : 3. Record necessary Journal entries on Naveen’s retirement. 2.52K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B retired on 31st March, 2023. on the date of his retirement, some of the assets and liabilities appeared in the books as follows: Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000. 4.37K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Z retired from the firm on 1st April, 2022. On the date of Z’s retirement, following existed in the books of the firm: General Reserve – ₹ 1,80,000 Profit & Loss Account (Dr.) – ₹ 30,000 Workmen Compensation Reserve – ₹ 24,000 which was no more required Employee’s Provident Fund – ₹ 20,000. Pass necessary Journal entries for the adjustment of these items on Z’s retirement. 2.74K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Punit, Ramit and Akshit were partners sharing profits equally. Akshit retired on 1st April, 2022. Punit and Ramit decided to continue the business and share profits in the ratio of 3 : 2. They also decided to give effect to the change in values of assets and liabilities without changing their book values. 5.32K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Raju, Amit and Chander were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Goodwill appeared in their books at a value of ₹ 1,50,000. Amit decided to retire form the firm. On the date of his retirement, goodwill of the firm was valued at ₹ 6,00,000. New profit sharing ratio decided between Raju and Chander was 2 : 3. Pass the necessary Journal entries for goodwill by raising and writing off goodwill to the extent of retiring partner’s share. 2.86K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans X, Y and Z are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of ₹ 60,000. Y retires and at the time of Y’s retirement, goodwill is valued at ₹ 84,000. X and Z decided to share future profits in the ratio of 2 : 1. Pass the necessary Journal entries through Goodwill Account. 2.39K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Arti, Bharti and Seema were partners sharing profits equally. Bharti retired and goodwill of the firm was valued at ₹ 9,00,000. Arti and Seema decided to share future profits in the ratio of 3 : 1. Pass the necessary Journal entries for adjustment of goodwill, if goodwill is raised at its current value on Bharti’s retirement. 2.90K viewsAnurag Pathak Changed status to publish June 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C were partners in a firm sharing profits in the ratio of 6 : 5 : 4. Their capitals were A – ₹ 1,00,000; B – ₹ 80,000 and C – ₹ 60,000 respectively. On 1st April, 2009, A retired from the firm and the new profit sharing ratio between B and C was decided as 1 : 4. On A’s retirement, the goodwill of the firm was valued at ₹ 1,80,000. Showing your calculations clearly, pass the necessary Journal entry for the treatment of goodwill on A’s retirement. 3.11K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B, C and D are partners in a firm sharing profits, in the ratio of 2 : 1 : 2 : 1. On the retirement of C, Goodwill was valued ₹ 1,80,000. A, B and d decide to share future profits equally. Pass the necessary Journal entry for the treatment of goodwill. 2.50K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans M, N and O are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Goodwill has been valued at ₹ 60,000. On N’s retirement, M and O agree to share profits equally. Pass the necessary Journal entry for treatment of N’s share of goodwill. 2.46K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Shivam, Kapil and Deepak are partners sharing profits in the ratio of 3 : 1 : 2. On 31st March, 2022, Kapil retired and his capital account after adjustments of reserve and profit on revaluation was ₹ 3,50,000. Shivam and Deepak paid him ₹ 4,20,000 in settlement of his claim. To settle his account, a computer of ₹ 4,20,000 was given to Kapil. Pass the necessary Journal entries in the books of the firm. 5.64K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 4/9 : 3/9 : 2/9. B retires and his capital after making adjustments for reserves and gain (profit) on revaluation stands at ₹ 1,39,200. A and C agreed to pay him ₹ 1,50,000 in full settlement of his claim. Record necessary Journal entry for adjustment of goodwill if the new profit sharing ratio is decided at 5 : 3. 3.54K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aman, Bimal and Deepak are partners sharing profits in the ratio of 2 : 3 : 5. The goodwill of the firm has been valued at ₹ 37,500. Aman retired, Bimal and Deepak decided to share profits equally in future. Calculate gain/sacrifice of Bimal and Deepak on Aman’s retirement and also pass necessary Journal entry for the treatment of goodwill. 2.59K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. B retired and the new profit sharing ratio between A and C was 2 : 1. On B’s retirement, the goodwill of the firm was valued at ₹ 90,000. Pass necessary Journal entry for the retirement of goodwill on B’s retirement. 2.89K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retired and goodwill of the firm is valued at ₹ 1,80,000. Aparna and Sonia decided to share future profits in the ratio of 3 : 2. Pass necessary Journal entries. 2.42K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner 0 Votes 1 Ans P, Q, R and S were partners in a firm sharing profits in the ratio of 5 : 3 : 1 : 1. On 1st January, 2023, S retired from the firm. On S’s retirement, goodwill of the firm was valued at ₹ 4,20,000. New Profit sharing ratio among P, Q and R will be 4 : 3 : 3. Showing your working notes clearly, pass necessary Journal entry for the treatment of goodwill in the books of the firm on S’s retirement. 4.64K viewsAnurag Pathak Changed status to publish June 15, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thRetirement of Partner « Previous 1 2 … 23 24 25 26 27 … 40 41 Next » Question and answer is powered by anspress.net
