[CBSE] Q. 48 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

Solution to Question number 48 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

Ashish and Vishesh were partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2022 was as under:

Balance Sheet of Ashish and Vishesh as at 31st March, 2022

Liabilities	₹	Assets		₹
Creditors Outstanding Electricity Bill Capital A/cs: Ashish Vishesh	30,000 20,000 3,00,000 2,00,000	Cash at Bank Debtors Less: Provision for Bad Debts Stock Machinery Profit and Loss A/c	80,000 2,000	50,000 78,000 1,12,000 3,00,000 10,000
	5,50,000			5,50,000

On 1st April, 2022, Manya was admitted into the firm with 1/4th share in the profits on the following terms:

(i) Manya will bring ₹ 1,00,000 as her capital and ₹ 50,000 as her share of goodwill premium in cash.

(ii) Outstanding electricity bill will be paid off.

(iii) Stock was found over valued by ₹ 12,000.

Pass the necessary Journal entries in the books of the firm on Manya’s admission.

Solution:-

Important Points:-

I) In the absence of any further information, sacrificing ratio is always equal to the old ratio of the partners.

ii) In the absence of any further information, revaluation loss is debited to the old partners in old ratio.

In the absence of any further information, accumulated profits and reserves are distributed to the old partners in old ratio.

Here is the list of all Solutions of Admission of Partners of TS Grewal class 12 CBSE 2024-25.

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2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
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48	Question – 48
49	Question – 49
50	Question – 50

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71	Question – 71
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78	Question – 78