[CBSE] Q 59 DK Goel Admission of a Partner Solutions Class 12 (2024-25)
The solution of Question number 59 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)
Q. 59. X and Y are partners. They admit Z as a partner and new profit sharing ratio is agreed at 3 : 2 : 1. Z brings in Capital of ₹ 1,50,000 and ₹ 40,000 as premium for goodwill in Cash.
Their Balance Sheet was as follows:
| Liabilities | ₹ | Assets | ₹ |
| Creditors | Cash at Bank | 44,000 | |
| Capital Accounts: X Y | 4,00,000 2,50,000 | Debtors 2,00,00 Less: Provision 14,000 | 1,86,000 |
| Current Accounts: X Y | 30,000 10,000 | Stock | 2,50,000 |
| Workmen Compensation Reserve | 70,000 | Machinery | 1,20,000 |
| Building | 2,00,000 | ||
| 8,00,000 | 8,00,000 |
The assets and liabilities are revalued as under:
(i) Provision for Doubtful Debts is found in excess by ₹ 4,000.
(ii) Building was found under valued by 20% and Machinery overvalued by 20%.
(iii) Part of stock which had been included at a cost of ₹ 10,000 had been badly damaged in storage and could only expect to realise ₹ 2,000.
(iv) Creditors were written off ₹ 6,000.
Pass necessary journal entries.
[Ans. Gain on Revaluation ₹ 32,000 be credited to X and Y in equal proportion]
Solution:-
