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12th | Admission of a Partner | Question No.  46 To 50 | Ts Grewal Solution 2022-2023

Question 46:


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.

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

 

 

 

 

 

 

(i)

Provision for Doubtful Debts A/c

Dr.

 

5,000

 

 

     To Revaluation A/c 

 

 

 

5,000

 

(Provision on Debtors reduced)

 

 

 

 

­

 

 

 

 

 

(ii)

Revaluation A/c 

Dr.  

 

5,000

 

 

   To X’s Capital A/c

 

 

 

3,000

 

   To Y’s Capital A/c

 

 

 

2,000

 

(Profit on Revaluation transferred to Partners’ Capital A/c)

 

 

 

 

 

 

 

 

 

 

Question 47:


X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share. At the time of admission of Z, Stock (Book Value  `1,00,000) is to be reduced by 40% and Furniture (Book Value  `60,000) is to be reduced to 40%. Pass the necessary Journal entries.

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

 

 

 

 

 

 

 

Revaluation A/c 

Dr.

 

76,000

 

 

    To Stock A/c 

 

 

 

40,000

 

    To Furniture A/c

 

 

 

36,000

 

(Value of assets decreased)

 

 

 

 

 

 

 

 

 

 

 

 X’s Capital A/c

Dr.

 

45,600

 

 

 Y’s Capital A/c

Dr.

 

30,400

 

 

   To Revaluation A/c 

 

 

 

76,000

 

(Loss on Revaluation transferred to Partners’ Capital A/c)

 

 

 

 

 

 

 

 

 

 

Question 47;                                                                                                      

                                                                                                         X and Y are partners sharing profits in the ratio of 3 : 2. They admitted 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.

Answer:


Journal

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

 

(Half of the investments taken over by X and Y)

 

 

 

 

 

 

 

 

 

 

 

Investment A/c

Dr.

 

10,000

 

 

    To Revaluation A/c

 

 

 

10,000

 

(Value of investments increased)

 

 

 

 

 

 

 

 

 

 

 

Revaluation A/c 

Dr.

 

10,000

 

 

      To X’s Capital A/c

 

 

 

6,000

 

      To Y’s Capital A/c

 

 

 

4,000

 

(Profit on revaluation transferred to Partners’ Capital A/c)

 

 

 

 

 

 

 

 

 

 

Question 49:


Ashok and Bhaskar are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Chaman as a partner for 1/4th share of profits. At the time of admission of Chaman, Debtors and Provision for Doubtful Debts appeared at    ` 76,000 and    ` 8,000 respectively.    ` 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for doubtful debts. Pass the necessary Journal entries.

Answer:


Journal

Date

Particulars

L.F.

Debit

`

Credit

`

 

 

 

 

 

 

 

Bad Debts A/c

Dr.

 

6,000

 

 

     To Debtors A/c

 

 

 

6,000

 

(Bad debts incurred)

 

 

 

 

 

 

 

 

 

 

 

Provision for Doubtful Debts A/c

 Dr

 

6,000

 

 

     To Bad Debts A/c

 

 

 

6,000

 

(Bad debts adjusted)

 

 

 

 

 

 

 

 

 

 

 

Revaluation A/c  (WN 1)

Dr.

 

1,500

 

 

    To Provision for Doubtful Debts A/c

 

 

 

1,500

 

(Provision created)

 

 

 

 

 

 

 

 

 

 

 

Ashok’s Capital A/c 

Dr.

 

900

 

 

Bhaskar’s Capital A/c

Dr.

 

600

 

 

      To Revaluation A/c

 

 

 

1,500

 

(Loss on revaluation transferred to Partners’ Capital A/c)

 

 

 

 

 

 

 

 

 

 

Working Notes:

WN1: Calculation of Provision for Doubtful Debts
Provision to be created = (76,000 - 6,0005/100= 
 ` 3,500

Old Provision =    ` 2,000

New Provision to be created = 3,500 - 2,000 = 1,500

 

Question 50:


At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows:
(a) A Provision for Doubtful Debts @10% was made on Sundry Debtors (Sundry Debtors  
 ` 50,000).
(b) Creditors were written back by  
 `5,000.
(c) Building was appreciated by 20% (Book Value of Building  `2,00,000).
(d) Unrecorded Investments were valued at  `15,000.
(e) A Provision of  `2,000 was made for an Outstanding Bill for repairs.
(f) Unrecorded Liability towards suppliers was  `3,000.
Pass necessary Journal entries.

Answer:


Journal

Date

Particulars

L.F.

Debit

   `

Credit

   `

 

 

 

 

 

 

Creditors A/c

Dr.

 

5,000

 

 

Building A/c

Dr.

 

40,000

 

 

Investments A/c

Dr.

 

15,000

 

 

To Revaluation A/c

 

 

60,000

 

(Increase in assets and decrease in liabilities
transferred to Revaluation Account)

 

 

 

 

 

 

 

 

 

Revaluation A/c

Dr.

 

10,000

 

 

To Provision for Doubtful Debts A/c

 

 

5,000

 

To Reserve for outstanding Repairs Bill A/c

 

 

2,000

 

To Creditors A/c

 

 

3,000

 

(Increase in liabilities, decrease in assets and creation of reserves and provisions transferred to Revaluation Account)

 

 

 

 

 

 

 

 

 

Revaluation A/c

Dr.

 

50,000

 

 

To Old Partners’ Capital A/c

 

 

50,000

 

(Profit on Revaluation transferred to Partners’ Capital)

 

 

 

 

 

 

 

 

 

Ts Grewal Solution 2022-2023

Click below for more Questions

Class 12 / Volume – I

Chapter 1 – Admission of a Partner

 

Question No. 1 To 5
Question No. 5 To 10
Question No. 11 To 15
Question No. 16 To 20
Question No. 21 To 25
Question No. 26 To 30
Question No. 31 To 35
Question No. 36 To 40
Question No. 41 To 45
Question No. 46 To 50
Question No. 51 To 55

Question No. 56 To 60

Question No. 61 To 65
Question No. 66 To 70
Question No. 71 To 75

Question No. 76 To 80
Question No. 81 To 83
Question No. 84 To 86

Click on below links for 

12th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

Ts Grewal Solution 2021-2022

Ts Grewal Solution 2020-2021