DK Goel Solutions Q 50 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]
Step-by-step solution of Question 50, Chapter 3 Admission of a Partner, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 50
A and B were in partnership sharing profits and losses in the ratio of 3 : 1. On 1st April, 2022 they admit C as a partner on the following terms :
- (a) That C brings ₹ 1,00,000 as his capital and ₹ 50,000 for goodwill, half of which to be withdrawn by A and B.
- (b) That the value of land and buildings to be appreciated by 15 per cent and that of stocks and machinery & fixtures to be reduced by 7 and 5 per cent respectively.
- (c) That provision for doubtful debts be made at 5 per cent.
- (d) That ₹ 15,000 be provided for an unforeseen liability.
- (e) That C to be given 1/5th share and the profit sharing ratio between A and B to remain the same.
- (f) That ₹ 11,000 is to be received as commission, hence to be accounted for.
The Balance Sheet of the old partnership as at 31st March, 2022 stood as : (Balance Sheet total ₹9,50,000)
Solution
All questions of Chapter 3
Orange = this question · Grey = already opened.
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.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.