[CBSE] Q. 54 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 54 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 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.

Solution:-

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Anurag Pathak

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