Day - 78 | Admission of Partner - Adjustment of capital | Partnership | Accounts Class 12 | PSEB |

Teacher:- Mr. Sarbjit Singh Video Editor:- Mr. Kuljeet Singh & Ms. Alisha Content covered in this video:- 0:00 Admission of Partner - Adjustment of capital Meaning of Adjustment of Capital Three cases of adjustment of capital 1:33 (a) When old partners' capital account are adjusted on the basis of new partners’ capital. Steps taken to make the capital of all the partners proportionate to their share of profit : Solution of Illustrations: 16:14 Illustration No. 57: A and B were partners in a firm in 3 : 2 ratio. C was admitted for 1/5th share. He paid ₹ 40,000 for his capital. Opening capitals of A and B were ₹ 80,000 and ₹ 30,000 respectively. Revaluation profit was ₹ 15,000 and Reserves stood at ₹ 20,000 at the time of admission. It was decided that the capital of the partners will be in their profit ratio. Any surplus or deficiency is to be transferred to current account. 22:03 Illustration No. 58: Mr. A commenced business with a capital of ₹ 5,00,000 on 1st Jan. 2014. During the five years ending 31st Dec. 2018, the following profits and losses were made: 2014—Loss ₹ 10,000, 2015—Profit ₹ 26,000, 2016 Profit ₹ 34,000, 2017 Profit ₹ 40,000, 2018—Profit ₹ 50,000. 39:51 Illustration No. 59: A, B and C are partners sharing profits and loss in the ratio of 2 : 3 : 5. On 31st March,2019 their Balance Sheet was as follows : They admit D into partnership on the following terms (a) Furniture, Investment and Machinery to be depreciated by 15%. Prepare Revaluation account, Partners' capital account, Cash account and Balance Sheet of the new firm. 39:51 Illustration No. 60: The following is the Balance Sheet of A and B, who had been sharing profits in proportion of three-fourths and one-fourth, on 31st March, 2019. They agreed to take C into partnership on the following terms: Required, Prepare statement showing what amount B should invest to become a partners assuming that the goodwill is to be retained in the business and make entries to record the transactions pertaining to admission. 51:20 Illustration No. 61: The balance sheet of a partnership firm X and Y who were sharing profits in the ratio of 5 : 3 respectively as at 31st March 2019 was as follows. On the above date, Z was admitted on the following terms : Prepare revaluation account, capital accounts, and the initial balance sheet of the new firm. Google Play Store App Link: https://clppaige.page.link/EhJq App Store App link:- https://apps.apple.com/us/app/classpl... Download Classplus App and use our ORG Code:- vagce !--------Book Solution TS Grewal---------! T S Grewal Part - l (a) https://tutorstips.com/t-s-grewals-bo... T S Grewal Part - l (b) https://tutorstips.com/t-s-grewals-bo... T S Grewal Part - ll https://tutorstips.com/t-s-grewals-bo... !--------Book Solution PSEB---------! Usha Publication Part- l:- https://tutorstips.com/usha-publicati... Usha Publication Part- ll:- https://tutorstips.com/usha-publicati... Unimax Publication https://tutorstips.com/accountancy-un... !--------Our Website link---------! https://tutorstips.com/ https://tutorstips.in/ !--------Check Business Studies Playlist--------!    • Business Studies Class 12 CBSE PSEB ISC   !--------Check Financial Accounting Playlist--------!    • Financial Accounting Class 12 CBSE PSEB ICS   !--------Like our Fb page---------!   / tutorstips   !--------Follow us on Instagram-------!   / tutorstips   !--------Follow us on Twitter--------!   / tutors_tips   !--------Follow us on LinkedIn--------!   / tutorstips   !--------Follow us on WhatsApp--------! +91 1882 359 783 Thanks for all your love n support. For any other details email - [email protected] Our partner https://www.freepik.com/ https://www.flaticon.com/ admission of a partner,class 12 accounts chapter 5,Admission of Partner - Illustrations,class 12 accounts,admission of a partner in hindi,admission of partner accounts,examples of admission of a partner,admission of a partner class 12 solved examples,admission of a partner class 12,Adjustment of Capital,Admission of Partner - Adjustment of capital,Day - 78 | Admission of Partner - Adjustment of capital | Partnership | Accounts Class 12 | PSEB |