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[ISC] Q. 57 Solution of Admission of Partner TS Grewal ISC 2023-24 Edition

Question 57 of 89Chapter 3Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 57, Chapter 3 Admission of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 57

Anuj, Karan and Arjun are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit Sahil as partner and share future profits and losses in the ratio of 3 : 3 : 3 : 1, with effect from 1st April, 2023. An extract of their Balance Sheet as at 31st March, 2023 is: Investments Fluctuation Reserve ₹ 10,000; Investments (At cost) ₹ 1,00,000.

Show the accounting treatment of Investment Fluctuation Reserve under following alternative cases:

  1. Case 1. When there is no other information.
  2. Case 2. When market value of investments is ₹ 1,00,000.
  3. Case 3. When market value of investments is ₹ 95,000.
  4. Case 4. When market value of investments is ₹ 85,000.
  5. Case 5. When market value of investments is ₹ 1,10,000.
TS Grewal Class 12 Admission of Partner Question 57

Solution

Solution of Q 57 Admission of Partner TS Grewal 2023-24 part 1
Solution of Q 57 Admission of Partner TS Grewal 2023-24 part 2
Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo
Solution of Q 57 Admission of Partner TS Grewal 2023-24 part 3
Solution of Q 57 Admission of Partner TS Grewal 2023-24 part 4
Solution of Q 57 Admission of Partner TS Grewal 2023-24 part 5
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About this solution

This is Chapter 3 Admission of a Partner of ISC TS Grewal Edition 2023-24.

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.

Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.

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