[CBSE] Q. 58 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 58 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 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:

Liabilities	₹	Assets	₹
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
	57,950		57,950

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:-

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