[CBSE] Q 74 DK Goel Admission of a Partner Solutions Class 12 (2024-25)
The solution of Question number 74 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)
Q. 74. X and Y were partners sharing profits in the ratio of 1 : 2. Their Balance Sheet as at 31st March, 2024 was as follows:
Balance Sheet
| Liabilities | ₹ | Assets | ₹ |
| Creditors | 36,000 | Cash | 20,000 |
| Outstanding Expenses | 4,000 | Debtors 40,000 Less: Provision 500 | 39,500 |
| Capitals X Y | 1,50,000 3,00,000 | Stock | 1,20,000 |
| Furniture | 30,000 | ||
| Plant | 2,72,500 | ||
| Patents | 8,000 | ||
| 4,90,000 | 4,90,000 |
They agreed to admit Z for 1/5th share from 1st April, 2024 on the following terms:
(i) Goodwill of the firm was valued at ₹ 60,000 and Z to bring in his share of premium for goodwill in cash.
(ii) Provision for bad debts be raised by ₹ 1,500.
(iii) Patents are valueless.
(iv) Stock be reduced by 10%.
(v) Outstanding expenses be increased by ₹ 6,000.
(vi) ₹ 2,500 be provided for an unforeseen liability.
Prepare Revaluation Account, Partner’s Capital Accounts and the Opening Balance Sheet.
[Ans. Loss on Revaluation ₹ 30,000; Capital A/cs : X ₹ 1,44,000; Y ₹ 2,88,000 and Z ₹ 86,400. Cash Balance ₹ 1,18,400; B/S Total ₹ 5,66,900.]
Solution:-
