[CBSE] Q. 77 of Admission of Partner TS Grewal Accounts Class 12 (2026-27)

Solution to Question number 77 of the Admission of Partner chapter 5 of TS Grewal Book 2026-27 Edition CBSE Board?

On 31st March, 2023 the Balance Sheet of Ram and Shyam who share profits and losses in the ratio of 3 : 2 was as follows:

Balance Sheet of Ram and Shyam as at 31st March, 2024

Liabilities	₹	Assets	₹
Creditors	70,000	Cash at Bank	25,000
General Reserve	25,000	Debtors 162,500 Less PDD: 12,500	1,50,000
Employees’ Provident Fund	55,000	Stock	82,500
Capitals: Ram Shyam	1,50,000 1,00,000	Machinery	1,42,500
	4,00,000		4,00,000

They decided to admit Mahesh on 1st April, 2024 for 1/5 share which Mahesh acquired wholly from
Shyam on the following terms:
(i) Mahesh shall bring 25,000 as his share of premium for Goodwill.

(ii) A debtor whose dues of 7,500 were written off as bad debt paid 5,000 in settlement.

(iii) A claim of 12,500 on account of workmen’s compensation was to be provided for.

(iv) Machinery was undervalued by5,000. Stock was valued 10% more than its market value.

(v) Mahesh was to bring in capital equal to 20% of the combined capitals of Ram and Shyam after all adjustments.

Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the new firm.

[Ans: Loss on Revaluation- 10,000; Partners’ Capital Accounts: Ram- 1,59,000 Shyam- 1,31,000; Mahesh- 58,000; Balance Sheet Total- 4,85,500.]

Solution:-

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

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