Скачать или смотреть Admission of a Partner (Important Questions Series)T.S.Grewal Class 12th Accounts Que- 68

Admission of a Partner (Important Questions Series)T.S.Grewal Class 12th Accounts Que- 68 Session 2025-26

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68. Sunaina and Tamanna are partners in a firm sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as at 31st March, 2020 stood as follows:

Liabilities

Capital A/cs:

Sunaina

60,000

Tamanna

80,000

Current A/cs:

10,000

Sunaina

30,000

1,40,000

Tamanna

40,000

General Reserve

1,20,000

50,000

Workmen Compensation Reserve

1,50,000

Creditors

₹

Assets

Plant and Machinery

1,20,000

Land and Building

1,40,000

Debtors

1,90,000

Less: Provision for Doubtful Debts

40,000

1,50,000

Stock

40,000

Cash

30,000

Goodwill

20,000

They agreed to admit Pranav into partnership for 1/5th share of profits on 1st April, 2020, on the following terms:

(a) All Debtors are good.

(b) Value of Land and Building to be increased to 1,80,000.

(c) Value of Plant and Machinery to be reduced by 20,000.

(d) The liability against Workmen's Compensation Reserve is determined at 20,000 which is to be paid later in the year.

(e) Anil, to whom 40,000 were payable (already included in above creditors), drew a bill of exchange for 3 months which was duly accepted.

(f) Pranav to bring in capital of 1,00,000 and 10,000 as premium for goodwill in cash.

Journalise.

(CBSE Sample Question Paper 2020)