Q.No.62 | Chapter 5 – Admission of Partner | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

 

The solution of Question 62 Chapter 5 of +2-A: -

 

Balance Sheet

Liabilities		Amount	Assets		Amount
Other Liabilities		3,000	Motors		1,200
			Furniture		400
Capital:			Stock		2,650
X’s Capital A/c	1,500		Debtors		3,780
Y’s Capital A/c	1,750		Cash (Bal. Fig.)		220
Z’s Capital A/c	2,000	5,250
		8,250			8,250

 

Date	Particulars		L.F.	Debit	Credit
	Cash A/c	Dr		18,000
	To W’s Capital A/c				30,000
	To Premium for Goodwill A/c				18,000
	(Being W brought his share of goodwill and capital in cash)
	Premium for Goodwill A/c	Dr		18,000
	To X’s Capital A/c				30,000
	To Y’s Capital A/c				18,000
	To Z’s Capital A/c				12,000
	(Being Premium for goodwill distributed between X, Y and Z in sacrificing ratio i.e. 1:1:1)
	Revaluation A/c	Dr		270
	To Motors A/c				250
	To Furniture A/c				20
	(Being Decrease in value of Motors and Furniture transferred to Revaluation Account)

 

Case A

Date	Particulars		L.F.	Debit	Credit
	X’s Capital A/c	Dr		90
	Y’s Capital A/c	Dr		90
	Z’s Capital A/c	Dr		90
	To Revaluation A/c				270
	(Being Loss on revaluation transferred to Capital Account in the sacrificing ration i.e. 1:1:1)

 

Balance Sheet

Liabilities		Amount	Assets		Amount
Other Liabilities		3,000	Motors	(1,200 – 250)	950
			Furniture	(400 – 20)	380
Capital:			Stock		2,650
X’s	1,500 – 90 + 500 =1,910		Debtors		3,780
Y’s	1,750 – 90 + 500 =2,160		Cash	(220 + 3,300)	3,520
Z’s	2,000 – 90 + 500 =2,410
W’s	1,800	8,280
		11,280			11,280

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

 

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