[CBSE] Q. 50 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 50 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2023, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit & Loss Account of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated profit/loss.

[Ans.: (I) Dr. General Reserve a/c by ₹ 1,50,000; Cr. X’s Capital A/c by ₹ 90,000 and Y’s Capital A/c by ₹ 60,000. (ii) Dr. X’s Capital A/c by ₹ 12,000 and Y’s Capital A/c by ₹ 8,000; Profit & Loss A/c by ₹ 20,000.]

Solution:-

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

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50Question – 50
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77Question – 77
78Question – 78
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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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