[CBSE] Q. 64 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 64 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 is as follows:

Liabilities	₹	Assets	₹
Capital A/cs: A B C Creditors Bills Payable	60,000 60,000 40,000 30,000 10,000	Land and Building Plant and Machinery Furniture Stock Debtors Bills Receivable Bank	50,000 40,000 30,000 20,000 30,000 20,000 10,000
	2,00,000		2,00,000

D is admitted as a partner on 1st April, 2023. His Capital is to be ₹ 50,000.

Following adjustments are agreed on D’s admission:

(a) Out of the Creditors, ₹ 10,000 is due to D, it will be adjusted against his capital.

(b) Advertisement Expenses of ₹ 1,200 are to be carried forward as Prepaid Expenses.

(c) Expenses debited in the Profit & Loss Account includes ₹ 2,000 paid for B’s personal expenses.

(d) A Bill of Exchange of ₹ 4,000, which was previously discounted with the bank, was dishonoured on 31st March, 2023 but entry was not passed for dishonour.

(e) Provision for Doubtful Debts @ 5% is to be created against Debtors.

(f) Expenses on Revaluation of ₹ 2,100 is paid by A.

Prepare necessary Ledger Accounts and Balance Sheet after D’s admission.

[Ans.: Loss on Revaluation – ₹ 600; Partner’s Capital A/cs: A – ₹ 61,800; B – ₹ 57,800; C – ₹ 39,900; D – ₹ 50,000; Balance Sheet Total – ₹ 2,39,500.]

Solution:-

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