T. S. Grewal Solution for Class 12 Commerce Accountancy Chapter 5 - Admission of a Partner Page/Excercise 2.92

Solution Ex. 53

Journal
Sr. No.	Particulars		L.F.	Debit  Rs.	Credit  Rs.
(a)	Provision for doubtful debts A/c	Dr.		5,000
	----------To Revaluation A/c				5,000
	(Being provision on debtors reduced)
(b)	Revaluation A/c	Dr.		5,000
	----------To X's Capital A/c				3,000
	----------To Y's Capital A/c				2,000
	(Being profit on revaluation transferred to partners' capital A/c)

T. S. Grewal Solution for Class 12 Commerce Accountancy Chapter 5 - Admission of a Partner Page/Excercise 4.111

Solution Ex. 97

Revaluation Account
Dr.					Cr.
Particulars	Rs.	Particulars			Rs.
To Bad Debts A/c	1,000	By Loss on Revaluation :
			A's Capital A/c	750
			B's Capital A/c	250	1,000
	1,000				1,000

Partners' Capital Account
Dr.							Cr.
Particulars	A	B	C	Particulars	A	B	C
To Revaluation A/c	750	250		By Balance b/d	54,000	35,000
To Goodwill A/c	30,000	10,000		By Bank A/c			23,200
To Balance c/d	39,450	30,150	23,200	By Premium for Goodwill A/c	12,000	4,000
				By WCF A/c	3,000	1,000
				By IFF A/c	1,200	400
	70,200	40,400	23,200		70,200	40,400	23,200

Working Notes:

1.

Calculation of C's Capital

A's Adjusted Capital = 54,000 + 12,000 + 3,000 + 1,200 - 750 - 30,000 = Rs.39,450

B's Adjusted Capital = 35,000 + 4,000 + 1,000 + 400 - 250 -10,000 = Rs.30,150

C's Capital = Total Adjusted Capital of A and B ×Reciprocal of Combined Profit Share × C's Profit Share

Notes:  

1. Premium for Goodwill Rs.16,000à Distributed between A and B in sacrificing ratio i.e. 3: 1.
2. Excess WCF of Rs.4,000à Shared in old ratio among old partners.
3. Excess IFF of Rs.1,600à Shared in old ratio among old partners.

T. S. Grewal Solution for Class 12 Commerce Accountancy Chapter 5 - Admission of a Partner Page/Excercise 4.113

Solution Ex. 101

Revaluation Account
Dr.					Cr.
Particulars			Rs.	Particulars	Rs.
To Revaluation Profit :				By Land and Building A/c	42,000
	Kalpana's Capital A/c	61,200		By Plant A/c	60,000
	Kanika's Capital A/c	40,800	1,02,000
			1,02,000		1,02,000

Partners' Capital Account
Dr.							Cr.
Particulars	Kalpana	Kanika	Karuna	Particulars	Kalpana	Kanika	Karuna
To Balance c/d	6,49,200	3,22,800	2,43,000	By Balance b/d	4,80,000	2,10,000
				By Cash A/c			2,43,000
				By General Reserve A/c	36,000	24,000
				By W.C.F. A/c	24,000	16,000
				By Revaluation A/c	61,200	40,800
				By Premium for Goodwill A/c	48,000	32,000
	6,49,200	3,22,800	2,43,000		6,49,200	3,22,800	2,43,000

Balance Sheet as on 1st April 2019 after Karuna's admission
Liabilities			Rs.	Assets			Rs.
Creditors			90,000	Cash in Hand			4,53,000
Capital				Debtors		1,32,000
	Kalpana	6,49,200			Less: Provision for debts	(12,000)	1,20,000
	Kanika	3,22,800		Stock			2,10,000
	Karuna	2,43,000	12,15,000	Land and Building			2,52,000
Liability for Workmen Compensation			60,000	Plant			3,30,000
			13,65,000				13,65,000

T. S. Grewal Solution for Class 12 Commerce Accountancy Chapter 5 - Admission of a Partner Page/Excercise 5.100

Solution Ex. 74