[CBSE] Q. 58 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 58 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

Given below is the Balance Sheet of A and B on 31st March, 2023, who are carrying on partnership business. A and B share profits and losses in the ratio of 2 : 1.

Balance sheet of A and B as at 31st March, 2023

LiabilitiesAssets
Bills Payable
Creditors
Outstanding Expenses
Capital A/cs:
A
B
10,000
58,000
2,000
1,80,000
1,50,000
Cash in Hand
Cash at Bank
Sundry Debtors
Stock Plant Building
10,000
40,000
60,000
40,000
1,00,000
1,50,000
4,00,0004,00,000

C is admitted as a partner on 1st April, 2023 on the following terms:

(a) C will bring ₹ 1,00,000 as his capital and ₹ 60,000 as his share of goodwill for 1/4th share in the profits.

(b) Plant is to be appreciated to ₹ 1,20,000 and the value of building is to be appreciated by 10%.

(c) Stock is found overvalued by ₹ 4,000.

(d) A provision for doubtful debts is to be created at 5% of sundry debtors.

(e) Creditors were unrecorded to the extent of ₹ 1,000.

Pass the necessary Journal entries, prepare the Revaluation Account and Partner’s Capital Accounts and Show the Balance Sheet after the admission of C.

[Ans.: Gain on Revaluation – ₹ 27,000; Capital A/cs: A – ₹ 2,38,000; B – ₹ 1,79,000; C – ₹ 1,00,000; Balance Sheet Total – ₹ 5,88,000.]

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

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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