[CBSE] Q 58 DK Goel Admission of a Partner Solutions Class 12 (2024-25)
The solution of Question number 58 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)
Q. 58. X and Y were partners with capitals of ₹ 4,00,000 and ₹ 3,50,000. They shared profits in the ratio of 3 : 2. On 1st April, 2024, they admitted Z for 1/5th share. On this date their creditors were ₹ 3,20,000 and general reserve ₹ 1,80,000.
Their assets apart from cash consisted of Debtors ₹ 4,32,000; Stock ₹ 3,00,000, Patents ₹ 74,000 and Building ₹ 2,04,000.
Z is to bring in ₹ 3,00,000 as his Capital and to bring in his share of Goodwill in Cash subject to the following terms:
(a) Goodwill of the firm to be valued at ₹ 5,00,000.
(b) Stock be valued at ₹ 2,94,000.
(c) Patents are valueless.
(d) There was a claim against the firm for damages amounting to ₹ 20,000. The claim has now been accepted.
Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the new firm.
[Ans. Loss on Revaluation ₹ 1,00,000; Capital A/cs X ₹ 5,08,000; Y ₹ 4,22,000 and Z ₹ 3,00,000; B/S Total ₹ 15,70,000.]
Solution:-
Working Notes:-
