[CBSE] Retirement of a Partner solutions edition 2022-23 of TS Grewal’s Book

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Working Notes:

W.N. – 1 ((i) Pass the Journal entries for distribution of profit for the period.)

Profits sharing in the ratio of 2: 2: 1

Yogeshs = 7,20,000×2/5=2,88,000

Nareshs =  7,20,000×2/5=2,88,000

Pavesh =  7,20,000×1/5=1,44,000

W.N. – 2 ((ii) Pass the Journal entries if loss of ` 3,60,000 was incurred)

Profits sharing in the ratio of 2: 2: 1

Yogeshs = 3,60,000 ×2/5 = 1,44,000

Nareshs =  3,60,000 ×2/5 = 1,44,000

Pavesh =  3,60,000 ×1/5 = 72,000