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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
X and Y are partners sharing profits and losses in the ratio of 3 : 2. On 1st April, 2024, they admit Z for a 1/5th share. On that date there was a balance of ₹1,50,000 in General Reserve and a debit balance of ₹20,000 in the Profit & Loss Account. Pass the necessary Journal entries for the adjustment of the reserve and accumulated loss.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| 2024 Apr 1 | General Reserve A/c Dr. | 1,50,000 | ||
| To X’s Capital A/c | 90,000 | |||
| To Y’s Capital A/c | 60,000 | |||
| (General Reserve distributed in the old ratio 3 : 2) | ||||
| 2024 Apr 1 | X’s Capital A/c Dr. | 12,000 | ||
| Y’s Capital A/c Dr. | 8,000 | |||
| To Profit & Loss A/c | 20,000 | |||
| (Debit balance of P&L A/c written off 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.53 - 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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