Question 102 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 102 Chapter 5 of +2-A

Question 102 Chapter 5 of +2-A

102. A and B are partners sharing profits in the ratio of 3: 2. They admit C as a new partner from 1st April 2019. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as of 31st March 2019 is given below

Liabilities     Assets    
A’s Capital  1,76,000   Goodwill   34,000
B’s Capita 2,54,000 4,30,000 Land and Building   60,000
Workmen Compensation Reserve   20,000 Investment (Market value 45,000)   50,000
Investments Fluctuation Reserve   10,000 Debtor 1,00,000  
Employee’s Provident Fund    34,000 Less: Provision for Doubtful Debts 10,000 90,000
C’s Loan   3,00,000 Stock   3,00,000
      Bank Balance   2,50,000
      Advertising Suspense A/c   10,000
    7,94,000     7,94,000

Terms of C’s admission are as follows:
(i) C contributes proportionate capital and 60% of his share of goodwill in cash.
(ii) Goodwill is to be valued at 2 years’ purchase of super profit of the last three completed years. Profits for the years ended 31st March were: 2017 − 4,80,000; 2018 − 9,30,000; 2019 − 13,80,000. The normal profit is 5,30,000 with the same amount of capital invested in a similar industry.
(iii) Land and Building were found undervalued by 1,00,000.
(iv) Stock was found overvalued by 31,000.
(v) Provision for Doubtful Debts is to be made equal to 5% of the debtors. (vi) The claim on account of Workmen Compensation is 11,000. Prepare Revaluation Account, Partners’ Capital Accounts, and Balance Sheet.

The solution of Question 102 Chapter 5 of +2-A: –

 

Revaluation Account
Particular
Amount Particular Amount
Stock   31,000 Land and Building A/c   1,00,000
      Provision for Doubtful Debts   5,000
Profit on Revaluation          
A’s Capital 44,400        
B’s Capital 29,600 74,000      
    1,05,000     1,05,000

 

Partners’ Capital Account
Parti
culars
A B C

Partic
ulars

A B C
To Goodwill 20,400 13,600 By Balance B/d 1,76,000 2,54,000
To Advertise
ment Suspense A/c
4,000 4,000   By Cash 3,06,000
        By General Reserve 36,000 24,000
        By C’s Current A/c 64,000 32,000

        By Premium for Goodwill 96,000 48,000
        By Revaluation 44,400 29,600
        By IFR 3,000 2,000
        By WCR 5,400 3,600
To Balance c/d 3,62,400 3,51,600 3,06,000        
  3,88,800 3,69,200 3,06,000   3,88,800 3,69,200 3,06,000

 

Balance Sheet
Liabilities
Amount Assets Amount
Workmen Compensation Reserve   11,000 Land & Building   1,60,000
Employees Provident Fund   34,000 Debtors 1,00,000  
Capital:     Less: Provision for debtors 5,000 95,000
A 3,62,400   Bank A/c   7,00,000
B 3,51,600   Investment   45,000
C 3,06,000 10,20,000 Stock   2,69,000
C ‘s Loan   3,00,000 C ‘s Current A/c   96,000
    13,65,000     13,65,000

 

Working Note:-

Calculation of Sacrifice or Gain

Old Ratio of A and B = 3 : 2
New Ratio of A , Band C = 4 : 3 : 3
(New Ratio)Sacrificing (or Gaining) Ratio = Old Ratio – New Ratio

A’s Share = 3 4
5 10
  = 6  – 4
10
  = 2
  10

 

B’s Share = 2 3
5 10
  = 4 – 3
10
  = 1
  10

 

Sacrificing Ratio = 2 : 1 

Calculation of Goodwill

Goodwill=Super Profit × No. of Years’ Purchase =4,00,000×2=Rs 8,00,000

C Share of Goodwill = 8,00,000 X 3
10
  = 2,40,000
   

 

Goodwill bought in cash = 2,40,000 X 60
100
  = 1,44,000
   

Calculation of C’s Capital

Combined Capital A and B’s Capita = 3,62,400 + 3,51,600
  = Rs 7,14,000

 

C’s Share of Goodwill = 7,14,000 x 10 x 3
7 10
  = 3,06,000        

 

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 102 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 101 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 101 Chapter 5 of +2-A

Question 101 Chapter 5 of +2-A

101. Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admitted Karuna as a new partner for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2019 was as follows:

Liabilities     Assets    
Capital A/cs:     Land and Building   2,10,000
Kalpana 4,80,000   Plant   2,70,000
Kanika 2,10,000 6,90,000 Stock   2,10,000
General Reserve   60,000 Debtors 1,32,000  
Workmen’s Compensation Fund   1,00,000 Less: Provision 12,000  
Creditors   90,000 Cash   1,30,000
    9,40,000     9,40,000

It was agreed that:
(a)the value of Land and Building will be appreciated by 20%.
(b) the value of plant be increased by 60,000.
(c) Karuna will bring 80,000 for her share of goodwill premium.
(d) the liabilities of Workmen’s Compensation Fund were determined at 60,000.
(e) Karuna will bring in cash as capital to the extent of 1/5th share of the total capital of the new firm. Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the new firm

 

 

The solution of Question 101 Chapter 5 of +2-A: –

 

Revaluation Account
Particular
Amount Particular Amount
      Land and Building A/c   42,000
      Plant A/c   60,000
Profit on Revaluation          
Kalpana’s Capital A/c 61,200        
Kanika’s Capital A/c 40,800 1,02,000      
    1,02,000     1,02,000

 

Partners’ Capital Account
Parti
culars
Kalpana Kanika Karuna

Partic
ulars

Kalpana Kanika Karuna
        By Balance B/d 4,80,000 2,10,000
        By Cash 2,43,000
        By General Reserve 36,000 24,000
        By Workmen’s Compensation Fund 24,000 16,000

        By Premium for Goodwill 48,000 32,000
        By Revaluation 61,200 40,800
To Balance c/d 6,49,200 3,22,800 2,43,000        
  6,49,200 3,22,800 2,43,000   6,49,200 3,22,800 2,43,000

 

Balance Sheet
Liabilities
Amount Assets Amount
Creditors   90,000 Cash in Hand   4,53,000
Liability for Workmen Compensation   60,000 Debtors 1,32,000  
Capital:     Less: Provision for debtors 12,000 1,20,000
Kalpana 6,49,200   Stock   2,10,000
Kanika 3,22,800   Land and Building   2,52,000
Karuna 2,43,000 12,15,000 Plant   3,30,000
           
    13,65,000     13,65,000

 

Working Note:-

Karuna is admitted for 1/5th share

Let the total share of the business = 1

Remaining share = 1 1
5
  = 5 – 1
5
  = 4
  5

To Calculate to New Ratio distribute the remaining share in the old ratio of old partners’

New Ratio = Combined share of Kalpana and Kanika X Old Ratio


Kalpana’s Share = 4 X 3
5 5
  = 12
  25

 

Kanika’s Share = 4 X 2
5 5
  = 8
  25

New Profit sharing Ratio = 12 : 8 : 5

Calculation of Sacrificing Ratio

Kalpana’s Share = 3 12
5 15
  = 15 -12
25
  = 3
  25

 

Kanika = 2 8
5 25
  = 10- 8
25
  = 2
  25

 

Sacrificing Ratio = 3 : 2

Calculate of Karuna’s Capital

 

Adjusted Capital of Kalpana = 6,49,200
Adjusted Capital of Kanika = 3,22,800
Total Adjusted Capital = 9,72,000 (6,49,200+3,22,800)

Karuna’s Capital = Total Adjusted Capital X Karna’s Profit Share X Reciprocal of combined new Share of Old Partner

Karuna’s Share of Goodwill = 9,72,000 x 1 x 5
5 4
  = 2,43,000        

 

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 101 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 100 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 100 Chapter 5 of +2-A

Question 100 Chapter 5 of +2-A

100. Following is the Balance Sheet of X and Y as at 31st March, 2019. Z is admitted as a partner on that date when the position of X and Y was:

Liabilities     Assets  
X’s Capital 10,000   Cash in Hand 9,000
Y’s Capital 8,000 18,000 Debtors 11,000
Creditors   12,000 Stock 12,000
General Reserve   16,000 Building 8,000
Workmen Compensation Reserve   4,000 Machinery 10,000
    50,000   50,000

X and Y share profits in the proportion of 3 : 2. The following terms of admission are agreed upon:
(a) Revaluation of assets: Building 18,000; Stock 16,000.
(b) The liability on Workmen Compensation Reserve is determined at 2,000. (c) Z brought in as his share of goodwill 10,000 in cash.
(d) Z was to bring in further cash as would make his capital equal to 20% of the combined capital of X and Y after above revaluation and adjustments are carried out.
(e) The further profit-sharing proportions were: X−2/5th, Y−2/5th and Z−1/5th.
Prepare new Balance Sheet of the firm and Capital Accounts of the Partners.

 

 

The solution of Question 100 Chapter 5 of +2-A: –

 

Revaluation Account
Particular
Amount Particular Amount
      Building (18,000 – 8,000) 10,000
      Stock (18,000 – 8,000) 4,000
Profit on Revaluation          
X Capita 8,400        
Y Capital 5,600 14,000      
    14,000     14,000

 

Partners’ Capital Account
Parti
culars
X Y Z

Partic
ulars

X Y Z
        By Balance B/d 10,000 8,000
        By General Reserve 9,600 6,400
        By Workmen’s Compensation Fund 16,000

        By Premium for Goodwill 10,000
        By Revaluation 8,400 5,600
To Balance c/d 39,200 20,800        
  39,200 20,800   39,200 20,800
        By Balance B/d 39,200 20,800
        By Bank A/c 12,000
To Balance c/d
39,200
20,800
12,000
       
  39,200 20,800 12,000   39,200 20,800 12,000

 

Balance Sheet
Liabilities
Amount Assets Amount
Creditors   12,000 Cash in Hand   31,000
Outstanding Workmen’s Compensation Claim   2,000 Debtors   11,000
Capital:     Stock   16,000
X 39,200   Building   18,000
Y 20,800   Machinery   10,000
Z 12,000 72,000      
           
    2,18,640     2,18,640

 

Working Note:-

Old Ratio X and Y = 3 : 1
Old Ratio X ,Y and Z = 2 : 2 : 1

Sacrificing Ratio = Old Ratio – New Ratio

x’s New Ratio = 3 2
5 5
  = 3 – 2
5
  = 1
  5

 

Y’s New Ratio = 2 2
5 5
  = 2- 2
5
  = 0
  5

Only X is sacrificing 1/5 portion of profit in favor of Z. Therefore, amount of Premium for Goodwill will be taken by X only

Calculation of Z’s Capital

Combined Capital of X and Y after all adjustments = 39,200 + 20,800
  = 60,000

 

Z’s Capital = 60,000 X 20
100
  = 12,000
   

 

Cash Account
Particular
Amount Particular Amount
Balance b/d   9,000      
Z’s Capital   12,000      
Premium for Goodwill   10,000      
           
           
      Balance c/d   31,000
    31,000     31,000

 

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 100 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 99 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 99 Chapter 5 of +2-A

Question 99 Chapter 5 of +2-A

99. Pradeep and Dhanraj were partners in a firm sharing profits in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2019 was:

Liabilities     Assets    
Creditors   30,000 Cash   4,000
Bills Payable   1,000 Debtors 50,000  
Reserve Fund   16,000 Less: Provision for Doubtful Debts 5,000 45,000
Outstanding Salary   3,000 Stock   30,000
Capital A/cs:     Bills Receivable   10,000
Pradeep 60,000   Patents   1,000
Dhanraj 20,000 80,000 Machinery   40,000
    1,30,000     1,30,000

They admitted Leander as a new partner on this date. New profit-sharing ratio is agreed as 3 : 2 : 3. Leander brings in proportionate capital after the following adjustments:
(a) Leander brings 16,000 as his share of goodwill.
(b) Provisions for Doubtful Debts is to be reduced by 2,000.
(c) There is an old Printer valued at 2,400. It does not appear in the books of the firm. It is now to be recorded.
(d) Patents are valueless. Prepare Revaluation Account, Capital Accounts and opening Balance Sheet of Pradeep, Dhanraj and Leander.

 

 

The solution of Question 99 Chapter 5 of +2-A: –

 

Revaluation Account
Particular
Amount Particular Amount
Patents   1,000 Provision for Doubtful Debts   2,000
      Typewriter   2,400
Profit on Revaluation          
Mohan Capital 2,550        
Sohan Capital 850 3,400      
    4,400     4,400

 

Partners’ Capital Account
Parti
culars
Pradeep Dhanraj Leander

Partic
ulars

Pradeep Dhanraj Leander
        By Balance B/d 60,000 20,000
        By Reserve Fund 12,000 4,000

        By Premium for Goodwill 16,000
        By Revaluation 2,550 850
To Balance c/d 90,550 24,850        
  90,550 24,850   90,550 24,850
        By Balance B/d 90,550 24,850
        By Bank A/c 69,240
To Balance c/d
90,550
24,850
69,240
       
  90,550 24,850 69,240   90,550 24,850 69,240

 

Balance Sheet
Liabilities
Amount Assets Amount
Creditors   30,000 Stock   30,000
Bills Receivable   1,000 Debtors 50,000  
Outstanding Salary   3,000      
Capital:     Less: Reserve for D. Debt 3,000 47,000
Pradeep 90,550   Bills Receivable   10,000
Dhanraj 24,850   Machinery   40,000
Leander 69,240 1,84,640 Typewriter   2,400
      Cash   89,240
    2,18,640     2,18,640

 

Working Note:-

Old Ratio of Pradeep and Dhanraj = 3 : 1
New Ratio of Pradeep ,Dhanraj and Leander = 3 : 2 : 3

Sacrificing Ratio = Old Ratio – New Ratio

Pardeep’s New Ratio = 3 3
4 8
  = 6 – 3
8
  = 3
  8

 

Dhanraj’s New Ratio = 1 2
4 8
  = 2- 2
8
  = 0
  8

Leander acquires his share of profit from Pradeep only. Therefore, amount for goodwill brought by Leander will be taken by Pradeep alone

Distribution of Revaluation Profit

Pradeep will get = 3,400 X 3
4
  = 2,550
   

 

Dhanraj will get = 3,400 X 3
1
  = 850
   

 

Distribution of Reserve Fund

Pradeep will get = 16,000 X 3
4
  = 12,000
   
Dhanraj will get = 16,000 X 1
4
  = 4,000
   

 

Calculation of Leander’s Capital

Combined Capital of Pradeep and Dhanraj after all adjustments = 90,550 + 24,850
  = 1, 15,400

Combined share of profit of Pradeep and Dhanraj = 1 − Leander share

Remaining share = 1 3
8
  = 8 – 3
8
  = 5
  8

 

Total Capital of the firm on the basis of combined capital of Pradeep and Dhanraj = 1,15,400 X 8
5
  = 1,84,640
   
Leander’s Capital = 1,84,640 X 3
8
  = 69,240
   

 

Cash Account
Particular
Amount Particular Amount
Balance b/d   4,000      
Leander’s Capital   69,240      
Premium for Goodwill   16,000      
           
           
      Balance c/d   89,240
    89,240     89,240

 

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 99 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 98 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 98 Chapter 5 of +2-A

Question 98 Chapter 5 of +2-A

98. Mohan and Sohan are in partnership sharing profits in the proportion of 3/5th and 2/5th respectively. Their Balance Sheet as at 31st March, 2019 was:

Liabilities     Assets    
Mohan’s Capital 2,000   Plant   650
Sohan’s Capital 1,000 3,000 Cash   650
Creditors   400 Debtors 1,000  
      Less: Provision for Doubtful Debts  400 600
      Stock   1,500
    3,400     3,400

They admit Rohan to a 1/3rd share upon the terms that he is to pay into the business 1,000 as Goodwill and sufficient Capital to give him a 1/3rd share of the total capital of the new firm. It was agreed that the Provision for Doubtful Debts be reduced to 100 and the Stock be revalued at 2,000 and that the Plant be reduced to 500. You are required to record the above in the Ledger of the firm and show Balance Sheet of the new partnership.

 

 

The solution of Question 98 Chapter 5 of +2-A: –

 

Revaluation Account
Particular
Amount Particular Amount
Plant   150 Reserve for Doubtful Debt (400 – 100 300
      Stock   500
Profit on Revaluation          
Mohan Capital 390        
Sohan Capital 260 650      
    800     800

 

Partners’ Capital Account
Parti
culars
Mohan Sohan Rohan

Partic
ulars

Mohan Sohan Rohan
        By Balance B/d 2,000 1,000
        By Revaluation 390 260

        By Premium for Goodwill 600 400
To Balance c/d 2,990 1,660        
  2,990 1,660   2,990 1,660
        By Balance B/d 2,990 1,660
        By Bank A/c 2,325
To Balance c/d
2,990
1,660
2,325
       
  2,990 1,660 2,325   2,990 1,660 2,325

 

Balance Sheet
Liabilities
Amount Assets Amount
Creditors   40 Cash   3,975
      Debtors 1,000  
Capital:     Less: Reserve for D. Debt 100 900
Mohan 2,85,000   Stock   2,000
Sohan 1,65,000   Plant   500
Rohan 3,00,000 7,50,000      
    7,375     7,375

 

Working Note:-

Old Ratio od Mohan and Sohan = 3 : 2
Sacrificing Ratio of Mohan and Sohan = 3 : 2

Distribution of Premium for Goodwill (in sacrificing ratio)

 

Mohan will get = 1,000 X 3
5
  = 750
   

 

Sohan will get = 1,000 X 3
5
  = 250
   

 

Distribution of Revaluation Profit

Mohan will get = 650 X 3
5
  = 390
   
Sohan will get = 650 X 3
5
  = 260
   

 

Calculation Rohan’s Capital

Combined Capital of Mohan and Sohan after all adjustments = 2,990 + 1,660
  = Rs 4,650

 

Total Capital of the firm on the basis of combined capital of Mohan and Sohan= = 4,650 X 3
2
  = 6,975
   
Rohan’s Capital = 6,975 X 1
3
  = 2,325
   

 

Cash Account
Particular
Amount Particular Amount
Balance b/d   650      
Rohan’s Capital   2,325      
Premium for Goodwill   1,000      
           
           
      Balance c/d   3,975
    3,975     3,975

 

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 98 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 97 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 97 Chapter 5 of +2-A

Question 97 Chapter 5 of +2-A

97. A and B are partners in a firm sharing profits and losses in the ratio 3 : 1. They admit C for 1/4th share on 31st March, 2014 when their Balance Sheet was as follows:

Liabilities     Assets    
Employees Provident Fund    17,000 Cash   6,100
Workmen Compensation Reserve   6,000 Stock   15,000
Investment Fluctuation Reserve   4,100 Debtors 50,000  
Capital’s A/cs     Less : Provision for Doubtful Debts 2,000 48,000
A 54,000   Investments   7,000
B 35,000 89,000 Goodwill    40,000
    1,16,100     1,16,100

Liabilities Assets
Employees Provident Fund 17,000 Cash 6,100
Workmen Compensation Reserve 6,000 Stock 15,000
Investment Fluctuation Reserve 4,100 Debtors 50,000
Capital’s A/cs Less : Provision for Doubtful Debts 2,000 48,000
A 54,000 Investments 7,000
B 35,000 89,000 Goodwill 40,000
1,16,100 1,16,100

 

 

The solution of Question 97 Chapter 5 of +2-A: –

 

Revaluation Account
Particular
Amount Particular Amount
To Bad debts
A/c
  1,000      
           
      Loss on Revaluation    
      A’s Capital A/c 750  
      B’s Capital A/c 250 1,000
    1,000     1,000

 

Partners’ Capital Account
Parti
culars
A B C

Partic
ulars

A B C
To Revaluation A/c 750 250 By Balance B/d 54,000 35,000
To Goodwill A/c 30,000 10,000   By Bank 23,200
        By Premium for Goodwill 12,000 4,000
        By WCF 3,000 1,000  
        By IIF 1,200 400  
To Balance c/d 2,00,000 2,00,000 2,00,000        
               
  3,16,000 3,04,000 2,00,000   3,16,000 3,04,000 2,00,000

 

 

Working Note:-

Calculation of C’s Capital

C’s Capital = Total Adjusted Capital of A and B × Reciprocal of Combined Profit Share × C’s Profit Share A’s Adjusted Capital
  = 54,000+12,000+3,000+1,200-750-30,000
  =  39,450 + 30,150
  = Rs 69,600



C’s Capital = 69,600 x 4 x 1
3 4
  = 23,200        

 

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 97 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 96 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 96 Chapter 5 of +2-A

Question 96 Chapter 5 of +2-A

96. L, M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on 31st March, 2015 was as follows:

Liabilities     Assets  
Creditors   1,68,000 Bank 34,000
General Reserve   42,000 Debtors 46,000
Capital’s A/c     Stock 2,20,000
L 1,20,000   Investment 60,000
M 80,000   Furniture 20,000
N 40,000 2,40,00 Machinery 70,000
    4,50,000   4,50,000

On the above date, O was admitted as a new partner and it was decided that:
(i) The new profit-sharing ratio between L, M, N and O will be 2 : 2 : 1 : 1.
(ii) Goodwill of the firm was valued at 1,80,000 and O brought his share of goodwill premium in cash.
(iii) The market value of investments was 36,000.
(iv) Machinery will be reduced to 58,000.
(v) A creditor of 6,000 was not likely to claim the amount and hence was to be written off.
(vi) O will bring proportionate capital so as to give him 1/6th share in the profits of the firm.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm.

 

 

 

The solution of Question 96 Chapter 5 of +2-A: –

Revaluation Account
Particular
Amount Particular Amount
To Investments A/c   24,000 By Creditors A/c   6,000
To Machinery A/c   12,000      
      Loss on Revaluation    
      L’s Capital 15,000  
      M’s Capital 10,000  
      N’s Capital 5,000 30,000
    36,000     36,000

 

Partners’ Capital Account
Particulars L M N O
To Loss on Revaluation A/c 15,000 10,000 5,000  
         
         
         
To Balance c/d 1,56,000 84,000 42,000 56,400
  1,71,000 94,000 47,000 56,400

 

Particulars

L M N O
By Balance B/d 1,20,000 80,000 40,000  
By Bank A/c (WN2) 56,400
By Premium for Goodwill A/c 30,000
By General Reserve A/c 21,000 14,000 7,000
         
  1,71,000 94,000 47,000 56,400

 

 

Balance Sheet
Liabilities
Amount Assets Amount
Creditors   1,62,000 Bank (34,000+56,400+30,000) 1,20,400
      Debtors   46,000
      Stock   2,20,000
Capital A/cs:     Investments   36,000
L 1,56,000   Furniture   20,000
M 84,000   Machinery   58,000
N 42,000        
O 56,400 3,38,400      
    5,00,400     5,00,400

 

Working Note:-

Calculation of Sacrificing Ratio
Sacrificing Ratio = Old Ratio – New Ratio

L’s Sacrificing Ratio = 3 2
6 6
  = 3 – 2
6
  = 1
  6

 

M’s Sacrificing Ratio = 2 2
6 6
  = 2 – 2
6
  = 0
  6

 

N’s Sacrificing Ratio = 1 1
6 6
  = 1 – 1
6
  = 0
  6

Adjustment of Goodwill

O’s Share of Goodwill = 1,80,000 X 1
6
  = 30,000    

30,000 will be credited to L’s Capital A/c, as he is the only sacrificing Partner

 

Calculation of O’s Proportionate Capital

Adjustment of Old Capital of L = 1,20,000 + 21,000 + 30,000 – 15,000
  = 1,56,000
Adjustment of Old Capital of M = 80,000 + 14,000 – 10,000
  = 84,000
Adjustment of Old Capital of N = 40,000 + 7,000 – 5,000
  = 72,000
Total Adjustment Capital = 1,56,000 + 84,000 + 72,000
  = 2,82,000


O’s Proportionate Capital = Total Adjusted Capital X O’s Profit Share X Reciprocal of combined new Share of Old Partner

O’s Share of Goodwill = 2,82,000 x 1 x 5
6 5
  = 56,400        

 

 

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 96 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 95 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 95 Chapter 5 of +2-A

Question 95 Chapter 5 of +2-A

95. A and B are partners in a firm sharing profits in the ratio of 3 : 2. They decide to admit C as a new partner w.e.f. 1st April, 2019. In future, profits will be shared equally. The Balance Sheet of A and B as at 1st April, 2019 and the terms of admission are:

Liabilities     Assets  
Sundry Creditors   60,000 Cash in Bank 40,000
Outstanding Expenses   15,000 Sundry Debtors 36,000
Capital A/cs:     Stock 84,000
A 3,00,000   Furniture and Fittings 65,000
B 3,00,000 6,00,000 Plant and Machinery 4,50,000
    6,75,000   6,75,000

(a)Capital of the firm is fixed at 6,00,000 to be contributed by partners in the profit-sharing ratio. The difference will be adjusted in cash.
(b) C to bring in his share of capital and goodwill in cash. Goodwill of the firm is to be valued on the basis of two years’ purchases of super profit. The average net profits expected in the future by the firm 90,000 per year. The normal rate of return on capital in similar business is 10%.
(c) The partners agreed to help maintain the plants and keep the area clean. Calculate goodwill and prepare Partners’ Capital Accounts and Bank Account.

 

 

The solution of Question 95 Chapter 5 of +2-A: –

 

Partners’ Capital Account
Parti
culars
A B C

Partic
ulars

A B C
To Bank A/c 1,16,000 1,04,000 By Balance B/d 3,00,000 3,00,000
        By Bank 2,00,000
        By Premium for Goodwill 16,000 14,000
To Balance c/d 2,00,000 2,00,000 2,00,000        
               
  3,16,000 3,04,000 2,00,000   3,16,000 3,04,000 2,00,000

 

Bank A/c
Particulars
Amount Particulars Amount
To balance b/d   40,000 By A’s Capital A/c   1,16,000
To C’s Capital A/c   2,00,000 By B’s Capital A/c   1,04,000
To Premium for Goodwill A/c   20,000 By balance c/d   40,000
    2,60,000     2,60,000

 

Working Note:-

Calculation of Sacrificing Ratio
Old Ratio of A and B= 3 : 2

A’s Sacrificing Ratio = 3 1
5 3
  = 9 – 5 
15
  = 4
  15
B’s Sacrificing Ratio = 2 1
5 3
  = 6 – 5
15
  = 1
  15

Sacrifice Ratio of A and B = 4 : 1

Calculation of C’s Capita

Average Net Profits = 90,000
Capital Employed = 6,00,000
Normal Profits = (Capital Employed × Normal rate of return/100
  = (6,00,000 × 10/100)
  = 60,000
Super Profits = Average Net Profits – Normal Profits
  = (90,000 – 60,000)
  = 30,000
Goodwill = Super Profits × No. of years of Purchase
  = (30,000 × 2)
  = 60,000


Calculation of C’s Capita

C’s Share of Goodwill = 60,000 X 1
3
  = 20,000    

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 95 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 94 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 94 Chapter 5 of +2-A

Question 94 Chapter 5 of +2-A

94. A, B and C are partners sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2019, their Balance Sheet was:

Liabilities     Assets  
Creditors   64,000 Cash 18,000
Bills Payable   22,000 Bills Receivable 14,000
General Reserve   14,000 Stock 44,000
Capital A/cs:     Debtors 42,000
A 36,000   Machinery 94,000
B 44,000   Goodwill  
C 52,000 1,32,000    
    2,32,000   2,32,000

They admit D into partnership on the following terms:
(a) Machinery is to be depreciated by 15%.
(b) Stock is to be revalued at 48,000.
(c) It is found that the Creditors included a sum of 12,000 which was not to be paid.
(d) Outstanding Rent is 1,900.
(e) D is to bring in 6,000 as goodwill and sufficient capital for 2/5th share.
(f) The partners decided to use 10% of the profits every year in providing drinking water in schools, where required.
Prepare Revaluation Account, Partners’ Capital Accounts, Cash Account and Balance Sheet of the new firm.

 

 

 

The solution of Question 94 Chapter 5 of +2-A: –

Revaluation Account
Particular
Amount Particular Amount
To Machinery A/c   14,100 By Stock A/c   4,000
To Outstanding Rent A/c   1,900 By Creditors A/c   12,000
    16,000     16,000

 

Partners’ Capital Account
Particulars A B C D
To Goodwill A/c 4,000 6,000 10,000  
         
         
         
To Balance c/d 1,10,000 44,000 52,000 88,000
  40,000 50,000 1,00,000 88,000

 

Particulars

A B C D
By Balance B/d 36,000 44,000 52,000  
By Bank A/c (WN2) 88,000
By Premium for Goodwill A/c 1,200 1,800 3,000
By General Reserve A/c 2,800 4,200 7,000
         
  40,000 50,000 62,000 88,000

 

 

Balance Sheet
Liabilities
Amount Assets Amount
Creditors   52,000 Cash (18,000 + 88,000 + 6,000) 1,12,000
Bills Payable   22,000 Bills Receivable   14,000
Outstanding Rent   1,900 Machinery 94,000  
Capital A/cs:     Less: Depreciation 14,100 79,900
A 36,000   Investments   25,000
B 44,000   Stock   48,000
C 52,000   Debtors   42,000
D 88,000 2,20,000      
    2,95,900     2,95,900

 

Working Note:-

Calculation of New profit-sharing ratio
D’s Share of Profits = 2/5

Remaining share = 1 2
5
  = 5 – 2
5
  = 3
  5

 

A’s New Share of Profits = 3 X 2
5 10
  = 6
  50
B’s New Share of Profits = 3 X 3
5 10
  = 9
  50
C’s New Share of Profit = 3 X 5
5 10
  = 15
  50

A : B : C : D = 6 : 9 : 15 : 20

Calculation of D’s Capita

Total Adjusted Capital of the Old Partners = A’s Capital + B’s Capital + C’s Capita
  = (36,000 + 44,000 + 52,000)
  = 1,32,000
Combined New Share of the Old Partners = (9/50 + 15/50)
  = 30/50 or 3/5


Total Capital of the new firm = (Adjusted Capital of the Old Partners × Reciprocal of Combined New Share of the Old Partners)

  = 1,32,000 X 5
3
  = 2,20,000    

D’s Capital = (Total Capital of the new firm × His Share of Profits)

  = 2,20,000 X 2
5
  = 88,000    

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 94 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Question 93 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 93 Chapter 5 of +2-A

Question 93 Chapter 5 of +2-A

93. Sarthak and Vansh are partners sharing profits in the ratio of 2 : 1. Since both of them are specially abled sometimes they find it difficult to run the business on their own. Mansi, a common friend, decides to help them. Therefore, they admit her into partnership for 1/3rd share in profits. She brings 60,000 for goodwill and proportionate capital. At the time of admission of Mansi, the Balance Sheet of Sarthak and Vansh was as under:

Liabilities     Assets    
Capital A/cs:     Plant   66,000
Sarthak 70,000   Furniture   30,000
Vansh 60,000 1,30,000 Investments   40,000
General Reserve   18,000 Stock   46,000
Bank Loan   18,000 Debtors 38,000  
Creditors   72,000 Less: Provision for Bad Debts 4,000 34,000
      Cash   22,000
    2,38,000     2,38,000

It was decided to:
(a) Reduce the value of Stock by 10,000.
(b) Plant is to be valued at 80,000.
(c) An amount of 3,000 included in Creditors was not payable.
(d) Half of the investments were taken over by Sarthak and remaining were valued at 25,000.
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of reconstituted firm.

 

 

 

The solution of Question 93 Chapter 5 of +2-A: –

Revaluation Account
Particular
Amount Particular Amount
To Stock A/c   10,000 By Plant A/c   14,000
      By Creditors A/c   3,000
      By Investments A/c   5,000
Profit transferred to          
Sarthak’s Capital A/c 8,000        
Vansh’s Capital A/c 4,000 12,000      
    22,000     22,000

 

Partners’ Capital Account
Parti
culars
Sarthak Vansh Mansi

Partic
ulars

Sarthak Vansh Mansi
To Investments A/c 20,000 By Balance B/d 70,000 60,000
        By Cash A/c 1,00,000
        By Premium for Goodwill 40,000 20,000
        By General Reserve A/c 12,000 6,000
        By Revaluation (Profit) 8,000 4,000
To Balance c/d 1,10,000 90,000 1,00,000        
               
  1,30,000 90,000 1,00,000   1,30,000 90,000 1,00,000

 

Balance Sheet
Liabilities
Amount Assets Amount
Bank Loan   18,000 Plant   80,000
Creditors   69,000 Furniture   30,000
      Debtors 38,000  
Capital A/cs:     Less: Provision for Bad debts 4,000 34,000
Sarthak 1,10,000   Investments   25,000
Vansh 90,000   Stock   36,000
Mansi 1,00,000 3,00,000 Cash (22,000 + 60,000 + 1,00,000 1,82,000
    3,87,000     3,87,000

 

Working Note:-

Calculation of New profit-sharing ratio
Mansi’s Share of Profits = 1/3

Remaining share = 1 1
3
  = 3 – 1
3
  = 2
  3

 

Sarthak’s New Share of Profits = 2 X 2
3 2
  = 4
  9
Vansh’s New Share of Profits = 2 X 1
3 3
  = 2
  9
     

Sarthak : Vansh : Mansi = 4 : 2 : 3

Calculation of Mansi’s Capital 

Total Adjusted Capital of the Old Partners = Sarthak’s Capital + Vansh’s Capital
  = (1,10,000 + 90,000)
  = 2,00,000
Combined New Share of the Old Partners = (4/9 + 2/9)
  = 6/9 or 2/3

 

Total Capital of the new firm = (Adjusted Capital of the Old Partners × Reciprocal of Combined New Share of the Old Partners)

  = 2,00,000 X 3
2
  = 3,00,000    

Calculation of Mansi’s Capital
Mansi’s Capital = (Total Capital of the new firm × His Share of Profits)

  = 3,00,000 X 1
3
  = 1,00,000    

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)

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

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 93 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms