[CBSE] Q. 51 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 51 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?
Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 1. Mohan was admitted for 1/3rd share in the profits. On the date of Mohan’s admission, the Balance Sheet of Ram and Shyam showed General Reserve of ₹ 2,50,000 and a credit balance of ₹ 50,000 in Profit & Loss Account. Pass necessary Journal entries on the treatment of these items on Mohan’s admission.
[Ans.: Dr. General Reserve A/c by ₹ 2,50,000 and Profit & Loss A/c by ₹ 50,000; Cr. Ram’s Capital A/c by ₹ 2,00,000 and Shyam’s Capital A/c by ₹ 1,00,000.]
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