[CBSE] Q. 62 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 62 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

Rajesh and Ravi are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet at 31st March, 2023 stood as:

Balance Sheet as at 31st March, 2023

LiabilitiesAssets
Creditors
Outstanding Rent
Capital A/cs:
Rajesh
Ravi
38,500
4,000
29,000
15,000
Cash
Stock
Prepaid Insurance
Debtors
Less: Provision for Doubtful Debts
Machinery
Building
Furniture
9,400
400
2,000
15,000
1,500

9,000
19,000
35,000
5,000
86,50086,500

Raman is admitted as a new partner introducing a capital of ₹ 16,000. The new profit-sharing ratio is decided as 5 : 3 : 2. Raman is unable to bring in any cash for goodwill. So, it is decided to value the goodwill on the basis of Raman’s share in the profits and the capital contributed by him. Following revaluations are made:

(a) Stock to decrease by 5%.

(b) Provision for Doubtful Debts is to be ₹ 500;

(c) Furniture to decrease by 10%;

(d) Building is valued at ₹ 40,000.

Show necessary Ledger Accounts and Balance Sheet of new firm.

[Ans.: Gain (Profit) on Revaluation – ₹ 3,650; Capital A/cs: Rajesh – ₹ 32,825; Ravi – ₹ 18,095; Raman – ₹ 16,000; Balance Sheet Total – ₹ 1,09,420.]

Solution:-

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

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Anurag Pathak

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