DK Goel Solutions Q 61 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]
Step-by-step solution of Question 61, Chapter 3 Admission of a Partner, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 61
X and Y were partners with capitals of ₹ 4,00,000 and ₹ 3,50,000. They shared profits in the ratio of 3 : 2. On 1st April, 2022, they admitted Z for 1/5th share. On this date their creditors were ₹ 3,20,000 and general reserve ₹ 1,80,000.
Their assets apart from cash consisted of Debtors ₹ 4,32,000; Stock ₹ 3,00,000, Patents ₹ 74,000 and Building ₹ 2,04,000.
Z is to bring in ₹ 3,00,000 as his Capital and to bring in his share of Goodwill in Cash subject to the following terms :
- (a) Goodwill of the firm to be valued at ₹ 5,00,000.
- (b) Stock be valued at ₹ 2,94,000.
- (c) Patents are valueless.
- (d) There was a claim against the firm for damages amounting to ₹ 20,000. The claim has now been accepted.
Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the new firm.
Solution
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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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