[CBSE] Q. 65 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Share your love

Solution to Question number 65 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2023 was:

LiabilitiesAssets
Creditors
Employee’s Provident Fund
Workmen Compensation Reserve
Capital A/cs:
X
Y
15,000
10,000
5,800
70,000
31,000
Cash at Bank
Sundry Debtors
Less: Provision for Doubtful Debts
Stock
Fixed Assets
Profit & Loss A/c
20,000
600
5,000

19,400
25,000
80,000
2,400
1,31,8001,31,800

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:-

S.NQuestions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NQuestions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NQuestions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NQuestions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
49Question – 49
50Question – 50
S.NQuestions
51Question – 51
52Question – 52
53Question – 53
54Question – 54
55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
S.NQuestions
61Question – 61
62Question – 62
63Question – 63
64Question – 64
65Question – 65
66Question – 66
67Question – 67
68Question – 68
69Question – 69
70Question – 70
S.NQuestions
71Question – 71
72Question – 72
73Question – 73
74Question – 74
75Question – 75
76Question – 76
77Question – 77
78Question – 78
79Question – 79
80Question – 80
S.NQuestions
81Question – 81
82Question – 82
83Question – 83
84Question – 84
85Question – 85
86Question – 86
Share your love
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 and can download the Android & ios app for free lectures.

Articles: 6649

Leave a Reply

Your email address will not be published. Required fields are marked *

x