[CBSE] Q. 71 of Admission of Partner TS Grewal Accounts Class 12 (2026-27)

Solution to Question number 71 of the Admission of Partner chapter 5 of TS Grewal Book 2026-27 Edition CBSE Board?

Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows:

Balance Sheet of Badal and Bijli
as at 31st March, 2019

Liabilities	₹	Assets	₹
Capital A/cs:		Buildings	1,50,000
Badal Bijli	1,50,000 90,000	Investments	73,000
Badal’s Current A/c	12,000	Stock	43,000
Investment Fluctuation Reserve	24,000	Debtors	20,000
Bills Payable	8,000	Cash	22,000
Creditors	26,000	Bijli’s Current A/c	2,000
	3,10,000		3,10,000

Raina was admitted on the above date as a new partner for 1/6th share of the profits of the firm. The terms of agreement were as follows:

(i) Raina will bring 40,000 as her capital and capitals of Badal and Bijli will be adjusted on the basis of Raina’s capital by opening Current Accounts.

(ii) Raina will bring her share of goodwill premium for ₹ 12,000 in cash.

(iii) The building was overvalued by 15,000 and stock by3,000.

(iv) A provision of 10% was to be created on debtors for bad debts.

Prepare the Revaluation Account and Current and Capital Accounts of Badal, Bijli and Raina.

(CBSE 2020, Modified)

[Ans: Loss on Revaluation – 20,000; Partners’ Capital A/cs: Badal— 1,20,000; Bijli 80,000 and Raina— 40,000; Partners’ Current A/cs: Badal- 51,600 (Cr.); Bijili— 14,400 (Cr.).]

Solution:-

Here is the list of all Solutions of Admission of Partners of TS Grewal class 12 CBSE 2026-27.

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11	Question – 11
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51	Question – 51
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71	Question – 71
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78	Question – 78