[CBSE] Q. 56 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 56 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admit Kailash into the firm on 1st April 2023, when their Balance Sheet was as follows:

LiabilitiesAssets
Vimal’s Capital
Nirmal’s Capital
General Reserve
Bank Loan
Creditors
32,000
34,000
8,000
6,000
6,000
Goodwill
Machinery
Furniture
Debtors
Stock
Cash
8,000
38,000
5,000
23,000
7,000
5,000
86,00086,000

Term’s of Kailash’s admission were as follows:

(I) Kailash will bring ₹ 30,000 as his share of capital and will be entitled to 1/3rd share in the profits.

(ii) Kailash is not to bring goodwill in cash, Vimal and Nirmal raise the goodwill in the books.

(iii) Goodwill of the firm is valued on the basis of 2 year’s purchase of the average profit of the last three years. Average profit of the last three years is ₹ 6,000.

(iv) Machinery and stock are revalued at ₹ 45,000 and ₹ 8,000 respectively.

Prepare a Revaluation Account and Partner’s Capital Accounts incorporating the above adjustments.

[Ans.: Gain (Profit) on Revaluation – ₹ 8,000; Partner’s Capital Accounts: Vimal – ₹ 39,500; Nirmal – ₹ 38,500; Kailash – ₹ 30,000; Kailash’s Current A/c (Dr.) – ₹ 4,000.]

Solution:-

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