DK Goel Solutions Q 63 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]
Step-by-step solution of Question 63, Chapter 3 Admission of a Partner, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 63
X, Y and Z are equal partners with capitals of ₹ 1,50,000, ₹ 1,75,000 and ₹ 2,00,000 respectively. They agree to admit W into equal partnership upon payment in cash of ₹ 1,50,000 for one-fourth share of the goodwill and ₹ 1,80,000 as his capital, both sums to remain in the business. The liabilities of the old firm amount to ₹ 3,00,000 and the assets apart from cash, consist of Motors ₹ 1,20,000; Furniture ₹ 40,000; Stock ₹ 2,65,000; Debtors ₹ 3,78,000.
The Motors and Furniture were revalued at ₹ 95,000 and ₹ 38,000 respectively.
Draft Journal entries necessary to give effect to the above arrangement and show the initial 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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