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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Ram and Shyam were partners sharing profits and losses in the ratio of 2 : 1. Mohan was admitted for a 1/3rd share. On Mohan’s admission, the Balance Sheet showed a General Reserve of ₹2,50,000 and a credit balance of ₹50,000 in the Profit & Loss Account. Pass the necessary Journal entry for the treatment of these items.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| General Reserve A/c Dr. | 2,50,000 | |||
| Profit & Loss A/c Dr. | 50,000 | |||
| To Ram’s Capital A/c | 2,00,000 | |||
| To Shyam’s Capital A/c | 1,00,000 | |||
| (General Reserve and P&L balance distributed in the old ratio 2 : 1) |
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.52 - 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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