Question 53 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 53 Chapter 5 of +2-A

Question 53 Chapter 5 of +2-A

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)

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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2 Book 1 min - Question 53 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

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