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

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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:

LiabilitiesAssets
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
10,00,00010,00,000

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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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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