ADMISSION | Q61 | 2024 | TS GREWAL | ACCOUNTS | CLASS 12 | X and Y share profits in the ratio 5 : 3

X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2024 was, They admit Z into partnership with 1/8th share in profits on 1st April, 2024 | ADMISSION OF A PARTNER | Q61 | 2024 | TS GREWAL | ACCOUNTS | CLASS 12 2024 | CLASS 12 | ADMISSION | TS GREWAL | Partnership 2024 | Question 61    / @mananmalik_commerce   2024 | CLASS 12 | ADMISSION | TS GREWAL | Partnership 2024 | Question 61 Question 61: X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at 31st March, 2024 was Liabilities ₹ Assets ₹ Creditors Employee’s Provident Fund Workmen Compensation Reserve Capital A/cs: X Y 15,000 10,000 5,800 70,000 31,000 Cash at Bank Sundry Debtors Less: Provision for Doubtful Debts Stock Fixed Assets Profit & Loss A/c 20,000 600 5,000 19,400 25,000 80,000 2,400 1,31,800 1,31,800 They admit Z into partnership with 1/8th share in profits on 1st April, 2024. Z brings ₹ 20,000 as his capital and ₹ 12,000 for goodwill in cash. Z acquires his share from X. Following revaluations are also made (a) Employee’s Provident Fund liability is to be increased by ₹ 5,000. (b) All debtors are good. (c) Stock includes ₹ 3,000 for obsolete items. Hence, are to be written off. (d) Creditors are to be paid ₹ 1,000 more. (e) Fixed Assets are to be revalued at ₹ 70,000. Prepare Journal entries, necessary accounts and new Balance Sheet. Also, calculate new profit-sharing ratio. Class 12 Partnership Accounts Class 12 Accounts Admission of a Partner Class 12 admission of partner 2024 Questions admission of a partner ts grewal solutions admission of a partner class 12 solutions admission of a partner class 12 explanation how to do admission of a partner class 12 admission of a partner class 12 balance sheet admission of a partner class 12 question 65 admission of a partner class 12 up board admission of a partner class 12 question 59 admission of a partner class 12 problems 58 admission of a partner class 12 question 59 admission of a partner class 12 question 60 admission of a partner class 12 question 61 class 12 accounts solutions class 12 accounts chapter 4 hidden goodwill 0:00 Question Discussion-X and Y share profits in the ratio of 5 : 3 3:30 Revaluation Account 5:03 Partners Capital Account 8:08 Balance Sheet 10:22 Journal Entries #commerce #class12 #cbse #admissionofapartner #admission #class12accounts #accountancy #accounts #accounting #tsgrewal2024 #partnershipfundamentals #solution #tsgrewalsolutions #partnership #commerce #class12 #cbse #tsgrewalsolutions #tsgrewal2024 #tsgrewal #tsgrewalsolution #account #accounts #accountancy #accountssolution