[CBSE] Q. 78 of Admission of Partner TS Grewal Accounts Class 12 (2026-27)

Solution to Question number 78 of the Admission of Partner chapter 5 of TS Grewal Book 2026-27 Edition CBSE Board?

Aan and Shaan were partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as under:

Liabilities	₹	Assets	₹
Creditors	2,00,000	Cash	1,48,000
Employee’s Provident Fund	30,000	Debtors 2,05,000 Less: PDD 3,000	2,02,000
Bank Overdraft	1,70,000	Stock	2,00,000
Reserve	1,50,000	Plant and Machinery	6,00,000
Capital A/cs: Aan’s Shaan’s	7,00,000 6,00,000	Building	7,00,000
	18,50,000		18,50,000

They agreed to admit Mohan for 1/4 share on the above date subject to the following terms:

(i) Mohan to bring in capital equal to 1/4th of the total capital of Aan and Shaan afterall adjustments including premium for goodwill.

(ii) Building to be appreciated by 20% and stock to be depreciated to 70%.

(iii) Provision for Doubtful Debts on Debtors to be raised to ₹ 10,000.

(iv) A provision be made for₹ 18,000 for outstanding legal charges.

(v) Mohan’s share of goodwill premium was calculated as1,00,000.

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

[Ans: Gain on Revaluation- 55,000; Capital Accounts: Aan 8,83,000; Shaan- 7,22,000; Mohan 4,01,250; Total of Balance Sheet 24,24,250.]

Solution:-

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

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