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Question 59 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 59 Chapter 5 of +2-A
Question No.59 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

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Question 59 Chapter 5 of +2-A

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59. X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of 1,50,000 in General Reserve and a debit balance of 20,000 in the Profit and Loss Account of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated
profit/loss.

 

 

The solution of Question 59 Chapter 5 of +2-A: –

 

DateParticulars
L.F.DebitCredit
 General Reserve A/cDr 1,50,000 
 To X’s Capital A/c   90,000
 To X’s Capital A/c   60,000
 (Being General reserve transferred to the partners’ capital a/c in the ratio of 3:2)    
 X’s Capital A/cDr 12,000 
 Y’s Capital A/cDr 8,000 
 To Profit and Loss A/c   20,000
 (Being Increase in liabilities, decrease in assets and creation of reserves and provisions transferred to Revaluation Account)    

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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