Question 62 Chapter 5 – Class 12 Part 1 Unimax

Question 62 Chapter 5 – Class 12 Part 1 Unimax

62. G and S were partners in a manufacturing concern sharing profits and losses equally. On 31st December, 2020 the firm’s book revealed the following position :

On 1st January, 2021 it was agreed to admit T into the partnership on the following terms :

That he should bring into business sundry debtors amounting to Rs. 2400 (less provision of 10% for bad debts), sundry creditors of Rs. 500 and also stock of his business at a valuation of Rs. 1500. His capital in the new business is to be Rs. 5000, the balance of which he pays in cash and in consideration there of, he receives 1/5th share of profits of the firm.

It was mutually agreed that the following adjustments should be made as regards the business of G and S.
Stocks to be reduced by Rs. 800 ; Plant and Machinery to be increased by Rs. 300 ; Furniture and Fittings to be completely written off. It was further agreed that after the above adjustments had been effected, S should bring in sufficient cash to make his capital equal to that of G.
From the above particulars, show the opening Balance Sheet of the new firm as on 1st January, 2021 and state in what proportion the future profits and losses are to be shared.

The solution of Question 62 Chapter 5 – Class 12 Part 1 Unimax: –

Revaluation A/c

Capital Accounts

Balance Sheet

Working Note:

Calculation of new PSR :

Let total profit = 1

T’s Share = 1/5

Remaining share = 1 – 1/5 = 4/5

G’s new share = 1/2 X 4/5 = 2/5

S’s new share = 1/2 X 4/5 = 2/5

T’s share = 1/5

New PSR = G : S : T = 2 : 2 : 1
T will bring capital in cash :

End of Solution

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The solution to all questions of Chapter No. 5 – Partnership Accounts-IV  (Admission of A Partner) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.

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1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.

• Chapter No. 1 – Accounts of Non-Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
• Chapter No. 3 – Partnership Accounts – II (Goodwill)
• Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax

UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.

• Chapter No. 1 – Company Accounts (Share Capital)
• Chapter No. 2 – Issue of Debentures
• Chapter No. 3 – Redemption of Debentures
• Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
• Chapter No. 5 -Financial Statement Analysis
• Chapter No. 6 – Tools/Methods of Financial Analysis
• Chapter No. 7 – Ratio Analysis
• Chapter No. 8 – Cash Flow Statement

Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.