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Question 55 Chapter 5 of +2-A
55. X and Y are partners sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share of profits. At the time of admission of Z, Investments appeared at 80,000. Half of the investments to be taken by X and Y in their profit-sharing ratio at book value. Remaining investments were valued at 50,000. Pass the necessary Journal entries.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| X’s Capital A/c | Dr | 24,000 | |||
| Y’s Capital A/c | Dr | 16,000 | |||
| To Investments A/c | 40,000 | ||||
| (Being value of stock and furniture reduced) | |||||
| Investment A/c | Dr | 10,000 | |||
| To Revaluation A/c | 10,000 | ||||
| (Being value of Investment increased) | |||||
| Revaluation A/c | Dr | 10,000 | |||
| To X’s Capital A/c | 6,000 | ||||
| To Y’s Capital A/c | 4,000 | ||||
| (Being profit on revaluation distributed among old partners) | |||||
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Q.No.55 | Chapter 5 – Admission of Partner | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1.
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