[CBSE] Q. 70 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 70 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A and B are partners in a firm. Net profit of the firm is divided as follows: 1/2 to A, 1/3 to B and 1/6 carried to a Reserve. They admit C as a partner on 1st April, 2023 on which date, the Balance Sheet of the firm was:

Liabilities	₹	Assets	₹
Capital A/cs: A B Reserve Creditors Outstanding Expenses	50,000 40,000 10,000 20,000 5,000	Building Plant and Machinery Stock Debtors Bank	50,000 30,000 18,000 22,000 5,000
	1,25,000		1,25,000

Following are the required adjustments on admission of C:

(a) C brings in ₹ 25,000 towards his capital.

(b) C also brings in ₹ 5,000 for 1/5th share of goodwill.

(c) Stock is undervalued by 10%.

(d) Creditors include a liability of ₹ 4,000, which has been decided by the court at ₹ 3,200.

(e) In regard to the Debtors, the following Debts proved Bad or Doubtful-

₹ 2,000 due from X – bad to the full extent;

₹ 4,000 due from Y – insolvent, estate expected to pay only 50%.

You are required to prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.

[Ans.: Loss on Revaluation – ₹ 1,200; Partner’s Capital A/cs: A – ₹ 58,280; B – ₹ 45,520; C – ₹ 25,000; Balance Sheet Total – ₹ 1,53,000.]

[Hint: Value of Stock: ₹ 20,000 (i.e., ₹ 18,000 ×100/90); Debtors: ₹ 18,000; Creditors ₹ 19,200.]

Solution:-

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