# [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:

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.

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