Question 53 Chapter 5 of +2-A - T.S. Grewal 12 Class Part

Question 53 Chapter 5 of +2-A

Table of Contents

The solution of Question 53 Chapter 5 of +2-A: –

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

53. 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 as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at 50,000 and 5,000 respectively all debtors are good. Pass the necessary Journal entries.

The solution of Question 53 Chapter 5 of +2-A: –

Date	Particulars		L.F.	Debit	Credit
	Provision for Doubtful Debts A/c	Dr		5,000
	To Revaluation A/c				5,000
	(Being Provision for doubtful debts are reduced because all debtors are good.)
	Revaluation A/c	Dr		5,000
	To X’s Capital A/c				3,000
	To Y’s Capital A/c				2,000
	(Being Profit on revaluation distribution among the old partner in their old profit sharing ratio)

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)

Chapter No. 8 – Company Accounts – Accounting for Share Capital
Chapter No. 9 – Company Accounts – Issue of Debentures
Chapter No. 10 – Redemption of Debentures

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

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