[CBSE] Q. 57 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 57 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 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:-

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