[ISC] Q. 48 Solution of Admission of Partner TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 48, Chapter 3 Admission of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 48
At the time of admission of partner Dass, the assets and liabilities of Karam and Dharam were revalued and following changes were made:
- (i) Provision for Doubtful Debts @10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000).
- (ii) Creditors were written back ₹ 5,000.
- (iii) Building was appreciated by 20% (Book value of building ₹ 2,00,000).
- (iv) Unrecorded Investments were of ₹ 15,000.
- (v) A liability of ₹ 2,000 was provided for an outstanding bill for repairs.
- (vi) Unrecorded Liability towards suppliers was ₹ 3,000.
Pass necessary Journal entries and prepare Revaluation Account of the firm after Dass’s admission.
Solution
All questions of Chapter 3
Orange = this question · Grey = already opened.
About this solution
This is Chapter 3 Admission of a Partner of ISC TS Grewal Edition 2023-24.
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 Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.