[CBSE] Q. 52 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 52 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?
X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2023, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit & Loss Account of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated profit/loss.
[Ans.: (I) Dr. General Reserve a/c by ₹ 1,50,000; Cr. X’s Capital A/c by ₹ 90,000 and Y’s Capital A/c by ₹ 60,000. (ii) Dr. X’s Capital A/c by ₹ 12,000 and Y’s Capital A/c by ₹ 8,000; Profit & Loss A/c by ₹ 20,000.]
Solution:-
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