[CBSE] Q. 68 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 68 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

On 31st March, 2019, the Balance Sheet of A and B, who were sharing profits in the ratio of 3 : 2 was as follows:

LiabilitiesAssets
Creditors
Investment Fluctuation Fund
General Reserve
Capital A/cs:
A
B
30,000
12,000
25,000
1,60,000
1,40,000
Cash at Bank
Debtors
Less: Provision for Bad debts
Stock
Investments
Furniture
85,000
5,000
20,000

80,000
1,30,000
60,000
77,000
3,67,0003,67,000

On 1st April, 2019, they decided to admit C as a new partner for 1/5th share in the profits on the following terms:

(i) C brought ₹ 1,00,000 as his capital and ₹ 50,000 as his share of premium for goodwill.

(ii) Outstanding salaries of ₹ 2,000 be provided for.

(iii) The market value of investments was ₹ 50,000.

(iv) A debtor whose due of ₹ 18,000 were written off as bad debts paid ₹ 12,000 in full settlement.

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

[Ans.: Gain (Profit) on Revaluation – ₹ 10,000; Partner’s Capital A/cs: A – ₹ 2,12,200; B – ₹ 1,74,800; C – ₹ 1,00,000; Balance Sheet Total – ₹ 5,19,000.]

Solution:-

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Anurag Pathak

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