[CBSE] Q 50 DK Goel Admission of a Partner Solutions Class 12 (2024-25)
The solution of Question number 50 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)
Q. 50. X and Y are partners in a firm. On 1st April, 2023, they admitted Z as a partner and new profit sharing ratio is agreed at 3 : 2 : 1. Their Balance Sheet disclosed ‘Workmen Compensation Reserve’ amounting to ₹ 1,00,000 on this date. Show the accounting treatment, if
(i) Claim for Workmen Compensation is estimated at ₹ 1,20,000.
(ii) Claim for Workmen Compensation is estimated at ₹ 90,000.
[Ans.
In Case (i) Revaluation loss of ₹ 20,000 debited to X and Y in equal proportion.
In Case (ii) Capital Accounts of X and Y credited by ₹ 5,000 each.]
Solution:-
