[CBSE] Q. 49 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 49 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?
Question – 49
At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows:
a) A Provision for Doubtful Debts @ 10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000).
b) Creditors were written back by ₹ 5,000.
c) Building was appreciated by 20% (Books value of Building ₹ 2,00,000).
d) Unrecorded Investments were valued at ₹ 15,000.
e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs.
f) Unrecorded Liability towards suppliers was ₹ 3,000.
Pass necessary Journal entries.
Solution:-
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