[CBSE] Q 61 DK Goel Admission of a Partner Solutions Class 12 (2024-25)
The solution of Question number 61 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)
Q. 61. A and B are in partnership sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as at 31st Jan;, 2023 was as follows:
Balance Sheet as at 31st March
| Liabilities | ₹ | Assets | ₹ |
| Capital Accounts: A B | Cash at Bank | 34,000 | |
| Sundry Creditors | Sundry Debtors | 1,66,000 | |
| Stock | 2,60,000 | ||
| Fixed Assets | 2,20,000 | ||
| 6,80,000 | 6,80,000 |
As from 1st February, 2023 they agree to admit C as a partner. Share of A, B and C in the new firm will be 3 : 2 : 1 respectively. C to contribute ₹ 1,20,000 as his capital and ₹ 30,000 as his share of goodwill.
The value of the fixed assets of the firm will be increased by 10% before the admission of C.
Pass entries and prepare the opening balance sheet of the firm.
[Ans. Gain on Revaluation ₹ 22,000; Capital Accounts A ₹ 5,11,500; B ₹ 1,90,500 and C ₹ 1,20,000; total of B/S ₹ 8,52,000.]
Solution:-
