[ISC] Q. 49 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 49 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Following was the Balance Sheet of Maira and Kabir who were sharing profit 2/3rd and 1/3rd as at 31st March, 2024:
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs: Maira Kabir | 1,50,000 1,00,000 | Building | 2,50,000 |
| Sundry Creditors | 3,29,500 | Plant and Machinery | 1,75,000 |
| Stock | 1,00,000 | ||
| Sundry Debtors | 48,500 | ||
| Cash in Hand | 6,000 | ||
| 5,79,500 | 5,79,500 |
On 1st April, 2024, they admit Zeenat into the partnership on the following terms:
(i) Zeenat was to bring ₹ 75,000 as his capital and ₹ 30,000 as Goodwill for 1/4th share in the firm.
(ii) Value of the Stock and Plant and Machinery were to be reduced by 5%.
(iii) Provision for Doubtful Debts of ₹ 3,750 was to be created on Sundry Debtors.
(iv) the Building was to be appreciated by 10%.
Pass necessary Journal entries to give effect to the arragements, prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.
Solution:-
Note:- In the absence of any further information sacrificing ratio is always equal to old profit sharing ratio i.e., 2 : 1.
Just replace X, Y and Z to Maira, kabir and Zeenat.
