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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Pass entries in the firm’s Journal for the following on admission of a partner: (i) Unrecorded investments worth ₹20,000 are to be accounted; (ii) an unrecorded liability towards suppliers for ₹5,000 is to be accounted; (iii) an item of ₹1,600 included in Sundry Creditors is not likely to be claimed and should be written back.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (i) | Investments A/c Dr. | 20,000 | ||
| To Revaluation A/c | 20,000 | |||
| (ii) | Revaluation A/c Dr. | 5,000 | ||
| To Creditors A/c | 5,000 | |||
| (iii) | Creditors A/c Dr. | 1,600 | ||
| To Revaluation A/c | 1,600 |
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 "T.S. Grewal Class 12 Chapter 4 Q.44 - Admission of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 4 - Admission of a Partner.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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