[ISC] Q. 42 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 42 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Pass entries in the firm’s Journal for the following on admission of a partner:

(i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000.

(ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to ₹ 80,000.

(iii) Provision for Warranty claims be increased by ₹ 12,000.

Solution:-