Question 55 Chapter 5 of +2-A - T.S. Grewal 12 Class Part

Question 55 Chapter 5 of +2-A

Table of Contents

The solution of Question 55 Chapter 5 of +2-A: –

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

55. X and Y are partners sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share of profits. At the time of admission of Z, Investments appeared at 80,000. Half of the investments to be taken by X and Y in their profit-sharing ratio at book value. Remaining investments were valued at 50,000. Pass the necessary Journal entries.

The solution of Question 55 Chapter 5 of +2-A: –

Date	Particulars		L.F.	Debit	Credit
	X’s Capital A/c	Dr		24,000
	Y’s Capital A/c	Dr		16,000
	To Investments A/c				40,000
	(Being value of stock and furniture reduced)
	Investment A/c	Dr		10,000
	To Revaluation A/c				10,000
	(Being value of Investment increased)
	Revaluation A/c	Dr		10,000
	To X’s Capital A/c				6,000
	To Y’s Capital A/c				4,000
	(Being profit on revaluation distributed among old partners)

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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