[CBSE] Q. 61 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

Solution to Question number 61 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2023 was:

Liabilities	₹	Assets		₹
Creditors Employee’s Provident Fund Workmen Compensation Reserve Capital A/cs: X Y	15,000 10,000 5,800 70,000 31,000	Cash at Bank Sundry Debtors Less: Provision for Doubtful Debts Stock Fixed Assets Profit & Loss A/c	20,000 600	5,000 19,400 25,000 80,000 2,400
	1,31,800			1,31,800

They admit Z into partnership with 1/8th share in profits on 1st April, 2023. Z brings ₹ 20,000 as his capital and ₹ 12,000 for goodwill in cash. Z acquires his share from X. Following revaluations are also made:

(a) Employee’s Provident Fund liability is to be increased by ₹ 5,000.

(b) All debtors are good.

(c) Stock includes ₹ 3,000 for obsolete items. Hence, are to be written off.

(d) Creditors are to be paid ₹ 1,000 more.

(e) Fixed Assets are to be revalued at ₹ 70,000.

Prepare Journal entries, necessary accounts and new Balance Sheet. Also, calculate new profit-sharing ratio.

[Ans.: Loss on Revaluation – ₹ 18,400; Capitals: X – ₹ 72,625; Y – ₹ 25,375; Z – ₹ 20,000; Balance Sheet Total – ₹ 1,49,000; New Profit sharing ratio – 4 : 3 : 1.]

Solution:-

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

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60

S.N	Questions
61	Question – 61
62	Question – 62
63	Question – 63
64	Question – 64
65	Question – 65
66	Question – 66
67	Question – 67
68	Question – 68
69	Question – 69
70	Question – 70

S.N	Questions
71	Question – 71
72	Question – 72
73	Question – 73
74	Question – 74
75	Question – 75
76	Question – 76
77	Question – 77
78	Question – 78