[NCERT] Q 33 Admission of Partner Solutions Class 12

Solution of question number 33 Admission of Partner NCERT Accountancy solutions Class 12 CBSE Board.

The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of 6/14 : 5/14 : 3/14 respectively.

Liabilities	₹	Assets	₹
Capital Accounts: Arun Bablu Chetan	19,000 16,000 8,000	Land and Buildings	24,000
Creditors	9,000	Furniture	3,500
Bills Payable	3,000	Stock	14,000
		Debtors	12,600
		Cash	900
	55,000		55,000

They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms: a) that Deepak should bring in Rs. 4,200 as goodwill and Rs. 7,000 as his Capiital; (b) that furniture be depreciated by 12%; (c) that stock be depreciated by 10% (d) that a Reserve of 5% be created for doubtful debts: (e) that the value of land and buildings having appreciated be brought upto Rs. 31,000 ; (f) that after making the adjustments the capital accounts of the old partners who continue to share in the same proportion as before be adjusted on the basis of the proportion of Deepak’s capital to his share in the business, i.e., actual cash to be paid off to, or brought in by the old partners as the case may be.

Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.

[Ans : Gain on Revaluation Rs. 4,550, Balance Sheet Total Rs. 68,000)

Solution:-

Below are the solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35