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

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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:

LiabilitiesAssets
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
1,25,0001,25,000

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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Anurag Pathak

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