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Question 71 Chapter 5 – Class 12 Part 1 Unimax

Question 71 Chapter 5 - Class 12 Part 1 Unimax

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Question 71 Chapter 5 – Class 12 Part 1 Unimax

71. A, B and C were partners sharing Profits and Losses in 3 : 2 : 1. On 1st April, 2021 they admitted D into partnership on the following terms :

LiabilitiesAmountAssets Amount
Creditors90,000Cash at Hand 18,000
Capital :Debtors25,000
A60,000Stock1,07,000
B40,000Investment at cost30,000
C20,000Furniture and Fittings10,000
Reserves15,000Plant35,000
2,25,0002,25,000

They share Profits and Losses in the ratio of 6 : 5 : 3. They agreed on 1st January, 2021 to admit Suresh in the partnership and give him 1/10th share in profits on the following terms :

  1. Suresh would bring in Rs. 28400 as his share of capital.
  2. Stock would be depreciated by Rs. 3000 and furniture by Rs. 900.
  3. A provision of Rs. 1300 be made for outstanding rapairs bill.
  4. The value of land and building be appreciated upto Rs. 65000.
  5. Goodwill of the firm is valued at Rs. 84000 before the admission of Suresh and he is unable to bring his share of assets in cash.

Pass necessary Journal Entries to record the above arrangements and prepare Revaluation account, Capital a/cs and the new Balance Sheet of the firm after Suresh’s admission.

The solution of Question 71 Chapter 5 – Class 12 Part 1 Unimax: –

Journal

Revaluation A/c

Capital Accounts

Balance Sheet

Working Note:

Calculation of new partner’s capital :
Total capital of firm = (A, B and C combined closing balance) X 6/5
= (75000 + 40000 + 20000) X 6/5
= 135000 X 6/5 = Rs. 162000
D’s share of capital = 1/6 X 162000 = Rs. 27000

End of Solution

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Check Out the Solution of all questions for this chapter:

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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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.

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