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

Question 59 Chapter 5 of +2-A

Question 59 Chapter 5 of +2-A

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: –

 

Date Particulars
L.F. Debit Credit
  General Reserve A/c Dr   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/c Dr   12,000  
  Y’s Capital A/c Dr   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)        

 


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 59 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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