[CBSE] Q. 62 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 62 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Balance Sheet of Madhu and Vidhi who are sharing profits in the ratio of 2 : 3 as at 31st March, 2016 is given below:

Liabilities	₹	Assets		₹
Madhu’s Capital Vidhi’s Capital General Reserve Bills Payable	5,20,000 3,00,000 30,000 1,50,000	Land and Building Machinery Stock Debtors Less: Provision Bank	3,00,000 10,000	3,00,000 2,80,000 80,000 2,90,000 50,000
	10,00,000			10,00,000

Madhu and Vidhi decided to admit Gayatri as a new partner from 1st April, 2016 and their new profit sharing ratio will be 2 : 3 : 5. Gayatri brought ₹ 4,00,000 as her capital and her share of goodwill premium in cash.

(a) Goodwill of the firm was valued at ₹ 3,00,000.

(b) Land and Building was found undervalued by ₹ 26,000.

(c) Provision for doubtful debts was to be made equal to 5% of the debtors.

(d) There was a claim of ₹ 6,0000 on account of workmen compensation.

Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the reconstituted firm.

Solution:-

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