Question 55 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 55 Chapter 5 of +2-A

Question 55 Chapter 5 of +2-A

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)

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 55 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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