Question 1

Q.No.1 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionVijay, Vivek and Vinay are partners sharing profits in the ratio of 1/2, 3/10 and 1/5. Find the new ratio of the remaining partners if: (i) Vijay retires, (ii) Vivek retires, and (iii) Vinay retires.SolutionNote: Where the new ratio is not given, the continuing partners are taken to share future profits in their old ratio — so the retiring partner's share is gained by them in that ratio.Working NotesItemWorkingAmount (₹)Old ratio (LCM 10)1/2 : 3/10 : 1/5 = 5/10 : 3/10 : 2/105 : 3 : 2(i)

Question 2

Q.No.2 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionKeshav, Rakesh and Hari are partners sharing profits in the ratio of 4 : 4 : 2. Rakesh retires and his share is taken by Hari. Calculate the new ratio of Keshav and Hari.SolutionWorking NotesItemWorkingAmount (₹)Old shares4/10, 4/10, 2/10Hari's new share = his old share + Rakesh's share2/10 + 4/106/10Keshav's shareunchanged4/10New ratio Keshav : Hari4 : 62 : 3Answer: New ratio of Keshav and Hari = 2 : 3.

Question 3

Q.No.3 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionShiv, Mohan and Sohan were partners sharing profits in the ratio of 1/5, 1/3 and 7/15 respectively. Sohan retires and his share was taken by Shiv and Mohan in the ratio of 3 : 2. Find the new ratio.SolutionWorking NotesItemWorkingAmount (₹)Sohan's share taken by Shiv7/15 × 3/57/25Sohan's share taken by Mohan7/15 × 2/514/75Shiv's new share1/5 + 7/2512/25Mohan's new share1/3 + 14/7513/25New ratio Shiv : Mohan36/75 : 39/7512 : 13Answer: New ratio of Shiv and Mohan = 12 : 13.

Question 4

Q.No.4 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionKangli, Mangli and Sanavali are three partners sharing profits in the ratio of 4 : 3 : 2. Kangli retires. Assuming Mangli and Sanavali will share profits in future in the ratio of 5 : 3, determine the gaining ratio.SolutionWorking NotesItemWorkingAmount (₹)Old shares (Kangli : Mangli : Sanavali)4/9 : 3/9 : 2/9New shares (Mangli : Sanavali)5/8 : 3/8Mangli's gain5/8 − 3/9 = (45 − 24)/727/24Sanavali's gain3/8 − 2/9 = (27 − 16)/7211/72Answer: Gaining ratio of Mangli and Sanavali = 21 : 11.

Question 5

Q.No.5 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionVirat, Rohit and Jasprit are partners sharing profits and losses in the ratio of 1/2 : 1/3 : 1/6. Rohit retires. Virat and Jasprit decide to share profits in the ratio of 3 : 2. Calculate the gaining ratio.SolutionWorking NotesItemWorkingAmount (₹)Old shares (Virat : Rohit : Jasprit)1/2 : 1/3 : 1/6 = 3/6 : 2/6 : 1/63 : 2 : 1New shares (Virat : Jasprit)3/5 : 2/5Virat's gain3/5 − 1/2 = 1/101/10Jasprit's gain2/5 − 1/6 = (12 − 5)/307/30Answer: Gaining ratio of Virat and Jasprit = 3 : 7.

Question 6

Q.No.6 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionAshwin, Umesh and Rahul are partners sharing profits and losses in the ratio of 4/9 : 1/3 : 2/9. Rahul retires from the business. Ashwin acquires 4/9th of Rahul's share and the balance is acquired by Umesh. Calculate the new profit-sharing ratio and the gaining ratio.SolutionWorking NotesItemWorkingAmount (₹)Ashwin acquires2/9 × 4/98/81Umesh acquires the balance2/9 × 5/910/81Ashwin's new share4/9 + 8/81 = 36/81 + 8/8144/81Umesh's new share1/3 + 10/81 = 27/81 + 10/8137/81Answer: New ratio

Question 7

Q.No.7 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionAkhil, Bhanu and Charu are partners sharing profits in the ratio of 4/9 : 1/3 : 2/9. Bhanu retires and gives 1/9 from his share to Akhil and the balance to Charu. Calculate the new profit-sharing ratio and the gaining ratio.SolutionWorking NotesItemWorkingAmount (₹)Bhanu's share1/3 = 3/9Akhil gains1/91/9Charu gains (balance)3/9 − 1/92/9Akhil's new share4/9 + 1/95/9Charu's new share2/9 + 2/94/9Answer: New ratio of Akhil and Charu = 5 : 4; gaining ratio = 1 : 2.

Question 8

Q.No.8 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionJeet, Bhagat, Yuvraj and Bharat are partners sharing profits in the ratio of 4 : 3 : 2 : 1. Jeet retires from the firm. Bharat is to take 1/3rd of Jeet's share and Yuvraj is to take the balance. Bhagat's share of profit is not to change. Calculate the gaining ratio and the new profit-sharing ratio.SolutionWorking NotesItemWorkingAmount (₹)Jeet's share4/10Bharat gains4/10 × 1/32/15Yuvraj gains (balance)4/10 × 2/34/15Bhagat's shareunchanged3/10 = 9/30Yuvraj's new share2/10 + 8/30 = 6/30 +

Question 9

Q.No.9 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionAbha, Beena and Chanda are partners sharing profits and losses in the ratio of 25 : 15 : 9. Beena retires. It is decided that the profit-sharing ratio between Abha and Chanda will be the same as the existing ratio between Beena and Chanda. Calculate the new profit-sharing ratio and the gaining ratio.SolutionWorking NotesItemWorkingAmount (₹)Old ratio25 : 15 : 9 (total 49)Existing ratio of Beena and Chanda = new ratio of Abha and Chanda15 : 95 : 3Abha's gain5/8 − 25/49 = (245 − 200)/39245

Question 10

Q.No.10 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionAmal, Bimal, Chetan and Dhruv are partners sharing profits and losses in the ratio of 3 : 3 : 2 : 1. Amal retires from the business. Bimal is not interested to increase his share of profit. Dhruv is interested to take 2/3rd of Amal's share and Chetan is interested to take over the balance. You are required to calculate the gaining ratio and the new profit-sharing ratio.SolutionWorking NotesItemWorkingAmount (₹)Amal's share3/9Dhruv gains3/9 × 2/32/9Chetan gains (balance)3/9 × 1/31/9Bimaln

Question 11

Q.No.11 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionJaspal, Rakesh and Anil were partners sharing profits in the ratio of 5 : 3 : 2. Anil retired and on his retirement goodwill of the firm is valued at ₹ 7,50,000. The following entry is passed for adjustment of goodwill:Jaspal's Capital A/c … Dr. ₹ 90,000; Rakesh's Capital A/c … Dr. ₹ 60,000; To Anil's Capital A/c ₹ 1,50,000 (Being the share of goodwill of retiring partner adjusted).What will be the new profit-sharing ratio of Jaspal and Rakesh?SolutionWorking NotesItemWorkingAmount (₹)An

Question 12

Q.No.12 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionAshish, Naresh and Yogesh were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Yogesh retires and the new profit-sharing ratio between Ashish and Naresh was 1 : 2. On Yogesh's retirement, goodwill of the firm was valued at ₹ 45,000. Pass necessary Journal entries for the treatment of goodwill on Yogesh's retirement.SolutionNote: Here Ashish's share falls (1/2 → 1/3), so he is credited; Naresh's share rises (1/3 → 2/3), so he is debited.Working NotesItemWorkingAmount (₹)Yoge

Question 13

Q.No.13 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionRavi, Mukesh, Naresh and Yogesh are partners in a firm sharing profits in the ratio of 2 : 2 : 1 : 1. On Mukesh's retirement, goodwill of the firm is valued at ₹ 90,000. Ravi, Naresh and Yogesh decided to share future profits equally. Pass the necessary Journal entry for treatment of goodwill.SolutionWorking NotesItemWorkingAmount (₹)Mukesh's share of goodwill90,000 × 2/630,000Ravi (old 2/6, new 1/3)1/3 − 1/3no gainNaresh (old 1/6, new 1/3)1/3 − 1/61/6 gainYogesh (old 1/6, new 1/3)1/3 −

Question 14

Q.No.14 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionVidit, Dhruv and Chand are partners sharing profits in the ratio of 4 : 3 : 2. Dhruv retires and goodwill of the firm is valued at ₹ 18,000. Pass the Journal entry for the treatment of goodwill on Dhruv's retirement.SolutionNote: Where the new ratio is not given, the continuing partners are taken to share future profits in their old ratio — so the retiring partner's share is gained by them in that ratio.Working NotesItemWorkingAmount (₹)Dhruv's share of goodwill18,000 × 3/96,000Gaining r

Question 15

Q.No.15 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionAkash, Atul and Kirti are partners sharing profits in the ratio of 4 : 3 : 2. Atul retires from the business. His share of goodwill is ₹ 7,200. Goodwill exists in the books at its full value. Now, it is decided not to show goodwill in the books. Akash and Kirti decided to share future profits and losses in the ratio of 5 : 3. Pass necessary Journal entries.SolutionWorking NotesItemWorkingAmount (₹)Firm's goodwill (Atul's 3/9 = 7,200)7,200 × 9/321,600Akash's gain5/8 − 4/9 = 13/7213/72Kirt

Question 16

Q.No.16 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionSid, Harry and Jiten are partners sharing profits and losses in the ratio of 4 : 3 : 1. Harry retires, selling his share of profit to Sid and Jiten for ₹ 1,20,000. ₹ 70,000 being paid by Sid and ₹ 50,000 by Jiten. Profit for the year after the retirement of Harry is ₹ 64,000. Pass necessary Journal entries for the above transactions and calculate the new profit-sharing ratio.SolutionWorking NotesItemWorkingAmount (₹)Sid and Jiten pay Harry in the ratio70,000 : 50,0007 : 5Harry's share3/8

Question 17

Q.No.17 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionX, Y and Z are partners sharing profits and losses in the ratio of 14 : 5 : 6. Y retires and surrenders 5/25th of his share in favour of X and the remaining in favour of Z. Goodwill of the firm is valued at 2 years' purchase of Super Profits based on average of last 3 years' profits. The profits for the last 3 years are: ₹ 50,000, ₹ 55,000, ₹ 60,000. Normal profit for a similar firm is ₹ 30,000. Goodwill exists in the books of the firm at ₹ 75,000. You are required to give necessary Jour

Question 18

Q.No.18 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionHarsh, Arnav and Nimesh are partners sharing profits in the ratio of 2 : 3 : 5. Goodwill exists in the books at ₹ 60,000. Harsh retires and goodwill is valued at ₹ 90,000. Arnav and Nimesh decided to share future profits equally. Pass the necessary Journal entries.SolutionWorking NotesItemWorkingAmount (₹)Old goodwill written off in the old ratio — Harsh / Arnav / Nimesh60,000 × 2/10; 3/10; 5/1012,000 / 18,000 / 30,000Harsh's share of the new goodwill90,000 × 2/1018,000Arnav (old 3/10, n

Question 19

Q.No.19 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionKapil, Angad and Gush are partners sharing profits in the ratio of 1 : 2 : 3. Gush retires and his capital, after making adjustments for reserves and profits on revaluation, stands at ₹ 2,70,000. Kapil and Angad agreed to pay him ₹ 3,00,000 in full settlement of his claim. Record the necessary Journal entry for the treatment of goodwill if the new profit-sharing ratio is decided at 1 : 3.SolutionNote: Gush is paid ₹ 30,000 more than his capital; this excess is his share of goodwill.Worki

Question 20

Q.No.20 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

Sarbjit Singh · Accepted Answer

QuestionJanvi, Sona and Aditi are partners sharing profits and losses in the ratio of 3 : 2 : 2. Aditi retired and on the day of Aditi's retirement, goodwill is valued at ₹ 1,75,000. Pass the necessary Journal entry for treatment of goodwill in the following cases:(a) When nothing is specified about the new profit-sharing ratio and gaining ratio.(b) When the gaining ratio is 1 : 1.(c) When Aditi's share is taken over by Janvi.(d) When Janvi's sacrifice is 1/7 and Sona's gain is 3/7.SolutionWorki

Item	Working	Amount (₹)
Old ratio (LCM 10)	1/2 : 3/10 : 1/5 = 5/10 : 3/10 : 2/10	5 : 3 : 2
(i) Vijay retires — Vivek : Vinay	strike out Vijay's 5	3 : 2
(ii) Vivek retires — Vijay : Vinay	strike out Vivek's 3	5 : 2
(iii) Vinay retires — Vijay : Vivek	strike out Vinay's 2	5 : 3

T.S. Grewal ISC Class 12 Accountancy Solutions Chapter 4 - Retirement of a Partner

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Q.No.1 | Chapter 4 – Retirement of a Partner | T.S. Grewal ISC Class 12 Solution

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