[CBSE] Q. 51 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 51 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

a) An extract of the Balance Sheet of Murari and Vohra sharing profits and losses in the ratio of 3 : 2 was as under:

LiabilitiesAssets
General Reserve
Contingency Reserve
Profit & Loss A/c
Investment Fluctuation Reserve
Workmen Compensation Reserve
Employees Provident Fund
30,000
2,700
18,000
9,000
7,200
20,000
Investments (Market Value ₹ 1,14,000)
Advertisement Expenditure (Deferred Revenue)
1,20,000
6,000

New Partner Krishna was admitted for 1/5th share of profits. A claim on account of workmen Compensation Reserve is estimated for ₹ 900.

Pass the necessary Journal entries to adjust accumulated profits and losses.

(b) A, B and C were partners sharing profits and losses in the ratio of 6 : 3 : 1. They take D into partnership with effect from 1st April, 2023. The new profit sharing ratio between A, B, C and D will be 3 : 3 : 3 : 1. They also decide to record the effect of the following without affecting their book values by passing an adjusting entry:

Book Value (₹)
General Reserve1,50,000
Contingency Reserve60,000
Profit & Loss A/c (Cr.)90,000
Advertisement Suspense A/c (Dr.)1,20,000

Pass the necessary adjustment entry through the Partner’s Current Account.

[Ans.: (a) Credit for share in Reserves & Profits: Murari ₹ 35,000; Vohra ₹ 24,000; Debit for share in Losses: Murari ₹ 3,600; Vohra ₹ 2,400 (Deferred Revenue); (b) Dr. C’s Current A/c by ₹ 36,000 and D’s Current A/c by ₹ 18,000; Cr. A’s Current A/c by ₹ 54,000.]

Solution:-

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

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1Question – 1
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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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