[CBSE] Q. 55 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 55 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

Following was the Balance Sheet of A and B who were sharing profits in the ratio of 2 : 1 as at 31st March, 2023:

LiabilitiesAssets
Capital A/cs:
A
B
Sundry Creditors
15,000
10,000
32,950
Building
Plant and Machinery
Stock
Sundry Debtors
Cash in Hand
25,000
17,500
10,000
4,850
600
57,95057,950

They admit C into partnership on 1st April, 2023 on the following terms:

(a) C was to being ₹ 7,500 as his capital and ₹ 3,000 as goodwill for 1/4th share in the firm.

(b) values of the stock and Plant and Machinery were to be reduced by 5%.

(c) A Provision for Doubtful Debts was to be created on respect of Sundry Debtors ₹ 375.

(d) Building was to be appreciated by 10%.

Pass necessary Journal entries to give effect to the arrangements. Prepare Profit & Loss Adjustment Account (or Revaluation Account), Partner’s Capital Accounts and Balance Sheet of the new firm.

[Ans.: Revaluation Gain (Profit) – ₹ 750; Capital A/cs: A – ₹ 17,500; B – ₹ 11,250; C – ₹ 7,500; Balance Sheet Total – ₹ 69,200.]

Solution:-

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

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78Question – 78
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Anurag Pathak
Anurag Pathak

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