Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed the new profit-sharing ratio at 3 : 2 : 1. At the time of admission, Debtors and Provision for Doubtful Debts appeared at ₹50,000 and ₹5,000 respectively. All debtors are good. Pass the necessary Journal entries.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| (i) | Provision for Doubtful Debts A/c Dr. | 5,000 | ||
| To Revaluation A/c | 5,000 | |||
| (Provision no longer required, written back) | ||||
| (ii) | Revaluation A/c Dr. | 5,000 | ||
| To X’s Capital A/c | 3,000 | |||
| To Y’s Capital A/c | 2,000 | |||
| (Profit on revaluation transferred in the old ratio 3 : 2) |
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.46 - 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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "T.S. Grewal Class 12 Chapter 4 Q.46 - Admission of a Partner" instantly.