[NCERT] Q 34 Admission of Partner Solutions Class 12

Solution of question number 34 Admission of Partner NCERT Accountancy solution Class 12 CBSE Board.

Azad and Babli are partners in a firm sharing profits and losses in the ratio of 2 : 1. Chintan is admitted into the firm with 1/4 share in profits. Chintan will bring in Rs. 30,000 as his capital and the capitals of Azad and Babli are to be adjusted in the profit sharing ratio. The Balance Sheet of Azad and Babli as on March 31, 2016 (before Chintan’s admission) was as follows:

Balance Sheet of A and B as on 31.03.2016

Liabilities	₹	Assets	₹
Creditors	8,000	Cash in Hand	2,000
Bills Payable	4,000	Cash at Bank	10,000
General Reserve	6,000	Sundry Debtors	8,000
Capital Accounts: Azad Babli	50,000 32,000	Stock	10,000
		Furniture	5,000
		Machinery	25,000
		Buildings	40,000
	1,00,000		1,00,000

It was agreed that:

I) Chintan will bring in Rs. 12,000 as his share of goodwill premium.

ii) Buildings were valued at Rs. 45,000 and Machinery at Rs. 23,000.

iii) A provision for doubtful debts is to be created @ 6% on debtors.

iv) The capital accounts of Azad and Babli are to be adjusted by opening current accounts.

Record necessary journal entries, show necessary ledger accounts and prepare the Balance Sheet after admission.

[Ans: Gain on Revaluation Rs. 2,520. Balance Sheet Rs. 1,44,520]

Solution:-

Below are the solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35