[NCERT] Q 35 Admission of Partner Solutions Class 12

Solution of question number 35 Admission of Partner NCERT Accountancy solution Class 12 CBSE Board.

Ashish and Dutta were partners in a firm sharing profits in 3 : 2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits. The Balance Sheet of Ashish and Dutta as on March 31, 2016 was as follows:

Balance sheet of A and B as on 1.03.2016

Liabilities	₹	Assets	₹
Ashish Capital Dutta Capital	80,000 35,000	Land & Building	35,000
Creditors	15,000	Plant	45,000
Bills Payable	10,000	Debtors 22,000 Less: PDD 2,000	20,000
		Stock	35,000
		Cash	5,000
	1,40,000		1,40,000

It was agreed that:

i) The value of Land and Building be increased by Rs. 15,000.

ii) The value of plant be increased by 10,000.

iii) Goodwill of the firm be valued at Rs. 20,000.

iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm.

Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal’s admission.

[Ans : Gain on Revaluation Rs. 25,000. Balance Sheet Total Rs. 2,05,000.]

Solution:-

Working Notes:-

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