[CBSE] Q. 52 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 52 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

Amit and Anil are partners sharing profits and losses in the ratio of 2 : 1. Their Balance Sheet as on 31st March, 2023 was as follows:

LiabilitiesAssets
Sundry Creditors
General Reserve
Capital A/cs:
Amit
Anil
58,000
12,000
1,80,000
1,50,000
Cash in Hand
Cash at Bank
Sundry Debtors
Stock
Machinery
Building
5,000
45,000
60,000
40,000
1,00,000
1,50,000
4,00,0004,00,000

Ankit is admitted as a partner on the date of the Balance Sheet on the following terms:

(a) Ankit will being in ₹ 1,00,000 as his capital and ₹ 60,000 as his share of goodwill for 1/4th share in profits.

(b) Machinery is to be appreciated to ₹ 1,20,000 and the value of building is to be appreciated by 10%.

(c) Stock is found overvalued by ₹ 4,000.

(d) General Reserve will continue to appear in the books of the reconstituted firm at its original value.

(e) A Provision for Doubtful Debts is to be created at 5% of debtors.

(f) Creditors were unrecorded to the extent of ₹ 1,000.

Prepare Revaluation Account and Partner’s Capital Accounts.

[Ans.: Gain (Profit) on Revaluation Account – ₹ 27,000; Partner’s Capital Accounts: Amit – ₹ 2,40,000; Anil – ₹ 1,80,000; Ankit – ₹ 1,00,000.]

Solution:-

The Balance sheet just given for your knowledge.

Note:- Here, the Student need to write a note that, Ankit would compensate the old partners through his current Account.

As, Question does not mention, how a new partner would compensate to old partners. he also can compensate through his capital account. The Capital balance would differ from Books answer as follows.

Alternative:-

The Balance Sheet just given for your knowledge

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

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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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