DK Goel Solutions Q 91 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]

Karan and Vijay are partners in a firm sharing profits and losses in the ratio of 4 : 3. They admit Shrey for 1/3 share in the profits.

On the date of Shrey’s admission:

1. (a) The capitals of Karan and Vijay are : ₹ 40,000 and ₹ 30,000 respectively.
2. (b) Profit and Loss Account has a debit balance of ₹ 7,000.
3. (c) General Reserve shows a balance of ₹ 21,000 which is not to be disturbed.
4. (d) Goodwill of the firm is valued at ₹ 42,000.
5. (e) The cash at bank is ₹ 15,000.
6. (f) Shrey brings in proportionate capital and his share of goodwill in cash.

You are required to prepare:

1. (i) Partners’ Capital Accounts.
2. (ii) Cash at Bank Account of the reconstituted firm on the date of Shrey’s admission.