[CBSE] Q. 53 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 53 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Question – 53

a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share, Following is the extract of the Balance Sheet on the date of admission:

Liabilities	₹	Assets	₹
General Reserve Contingency Reserve Profit and Loss A/c	36,000 6,000 18,000	Advertisement Suspence A/c	Advertisement Suspense A/c

b) Give the Journal entry to distribute ‘Workmen Compensation Reserve’ of ₹ 72,000 at the time of admission of Z, if there is no claim against it. The firm has two partners X and Y.

c) Give the Journal entry to distribute ‘Workmen Compensation Reserve’ of ₹ 72,000 at the time of admission of Z, if there is claim of ₹ 48,000 against. the firm has two partners X and Y.

d) Give the Journal entry to distribute ‘Investment Fluctuation Reserve’ of ₹ 24,000 at the time of admission of Z, when investment (Market Value ₹ 1,10,000) exists at ₹ 1,20,000. The firm has two partners X and Y.

e) Give the Journal entry to distribute ‘General Reserve’ of ₹ 4,800 at the time of admission of Z, when 20% of General Reserve is to be transferred to Investment Fluctuation Reserve. The firm has two partners X and Y.

Solution:-

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