Скачать или смотреть Admission of a Partner (Important Questions Series) T.S.Grewal Class 12th Accounts Que-77

Admission of a Partner (Important Questions Series) T.S.Grewal Class 12th Accounts Que-77 Session 2025-26

77. On 31st March, 2024 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

Creditors

70,000

General Reserve

25,000

Employees' Provident Fund

55,000

Capitals:

Ram

1,50,000

Shyam

1,00,000

2,50,000

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 by ₹ 5,000. 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.

コ

Assets

₹

Cash at Bank

25,000

Debtors

1,62,500

Less: Provision for Doubtful debts

12,500

1,50,000

Stock

82,500

Machinery

1,42,500