[CBSE] Q. 54 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 54 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

X, Y and Z are equal partners with capitals of ₹ 15,000; ₹ 17,500 and ₹ 20,000 respectively. They agree to admit W into equal partnership upon payment in cash ₹ 15,000 for 1/4th share of the goodwill and ₹ 18,000 as his capital, both sums to remain in the business. The liabilities of the old firm were ₹ 30,000 and the assets, apart from cash, consist of Motors ₹ 12,000, Furniture ₹ 4,000, Stock ₹ 26,500 and Debtors ₹ 37,800. The Motors and Furniture were revalued at ₹ 9,500 and ₹ 3,800 respectively.

Pass Journal entries to give effect to the above arrangement and also show Balance Sheet of the new firm.

[Ans.: Loss on Revaluation – ₹ 2,700; Balance Sheet Total – ₹ 1,12,800.]

Solution:-

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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