[CBSE] Q. 60 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 60 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 is as follows:

LiabilitiesAssets
Capital A/cs:
A
B
C
Creditors
Bills Payable
60,000
60,000
40,000
30,000
10,000
Land and Building
Plant and Machinery
Furniture
Stock
Debtors
Bills Receivable
Bank
50,000
40,000
30,000
20,000
30,000
20,000
10,000
2,00,0002,00,000

D is admitted as a partner on 1st April, 2023. His Capital is to be ₹ 50,000.

Following adjustments are agreed on D’s admission:

(a) Out of the Creditors, ₹ 10,000 is due to D, it will be adjusted against his capital.

(b) Advertisement Expenses of ₹ 1,200 are to be carried forward as Prepaid Expenses.

(c) Expenses debited in the Profit & Loss Account includes ₹ 2,000 paid for B’s personal expenses.

(d) A Bill of Exchange of ₹ 4,000, which was previously discounted with the bank, was dishonoured on 31st March, 2023 but entry was not passed for dishonour.

(e) Provision for Doubtful Debts @ 5% is to be created against Debtors.

(f) Expenses on Revaluation of ₹ 2,100 is paid by A.

Prepare necessary Ledger Accounts and Balance Sheet after D’s admission.

[Ans.: Loss on Revaluation – ₹ 600; Partner’s Capital A/cs: A – ₹ 61,800; B – ₹ 57,800; C – ₹ 39,900; D – ₹ 50,000; Balance Sheet Total – ₹ 2,39,500.]

Solution:-

Here is the list of all Solutions of Admission of Partners of TS Grewal class 12 CBSE 2024-25.

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1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
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11Question – 11
12Question – 12
13Question – 13
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18Question – 18
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25Question – 25
26Question – 26
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48Question – 48
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50Question – 50
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51Question – 51
52Question – 52
53Question – 53
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55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
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61Question – 61
62Question – 62
63Question – 63
64Question – 64
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66Question – 66
67Question – 67
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70Question – 70
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71Question – 71
72Question – 72
73Question – 73
74Question – 74
75Question – 75
76Question – 76
77Question – 77
78Question – 78
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Anurag Pathak
Anurag Pathak

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