[CBSE] Q. 55 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 55 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 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:

Liabilities	₹	Assets	₹
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
	4,00,000		4,00,000

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

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