[CBSE] Q. 51 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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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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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 and can download the Android & ios app for free lectures.

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