DK Goel Solutions Q 49 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]
Step-by-step solution of Question 49, Chapter 3 Admission of a Partner, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 49
Pass journal entries to record the following transactions on the admission of a new partner :
- (i) Land and Building is undervalued by ₹ 2,00,000.
- (ii) Stock is overvalued by 20% (Book Value of Stock ₹ 60,000)
- (iii) Provision to be made for compensation of ₹ 20,000 to an ex-employee.
- (iv) Sundry Debtors appeared in the books at ₹ 1,50,000. They are estimated to produce not more than ₹ 1,30,000.
- (v) Creditors include an amount of ₹ 10,000 received as commission.
- (vi) A bill of exchange of ₹ 40,000 which was previously discounted with the banker, was dishonoured on 31st March, 2022 but no entry has been passed for it.
- (vii) Value of Machinery is to be decreased to ₹ 1,20,000 (Book Value ₹ 2,00,000)
- (viii) Value of Machinery is to be decreased by ₹ 1,20,000 (Book Value ₹ 2,00,000)
- (ix) Expenses on revaluation amount to ₹ 8,000 have been paid by partner X.
Solution
All questions of Chapter 3
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About this solution
This is Chapter 3 Admission of a Partner of DK Goel For 2024 Examinations.
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 CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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