[CBSE] Q. 75 of Admission of Partner TS Grewal Accounts Class 12 (2026-27)

Solution to Question number 75 of the Admission of Partner chapter 5 of TS Grewal Book 2026-27 Edition CBSE Board?

Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3: 1. Their Balance Sheet on 31st March, 2024 was as follows:

Liabilities	₹	Assets	₹
Capitals Aryan Adya	3,20,000 2,40,000	Machinery	3,90,000
Workmen’s Compensation Reserve	20,000	Furniture	80,000
Bank Loan	60,000	Debtors 90,000 Less: PDD 1,000	89,000
Creditors	48,000	Stock	77,000
		Cash	32,000
	6,88,000	Profit & Loss Account	20,000

Dev was admitted into the firm on 1st April, 2024 for 1/5th share in the profits of the firm on the following terms:

(i) Dev will bring capital proportionate to his share in the profits of the firm.

(ii) Goodwill of the firm was valued at 2,00,000 and Dev will bring his share of goodwill premium in cash.

(iii) Machinery was revalued at 4,50,000.

(iv) A Provision for Doubtful Debts was to be created at 5% on debtors.

(v) A liability of 3,500 included in creditors was not likely to arise.

Prepare Revaluation Account and Partners’ Capital Accounts on Dev’s admission. (CBSE 2025)

[Ans: Gain (Profit) on Revaluation 60,000; Partners’ Capital Accounts:
Aryan-3,95,000; Adya—2,65,000; Dev- 1,65,000.)

Solution:-

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

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