T S Grewal Solutions 2026-27 [Class 12] – Admission of a Partner – Q 71 to 78

Solution for Q 71 to 78 of Chapter 4 of T S Grewal Class 12 Accountancy 2026-27 are given below. The Chapter name is Admission of a Partner from Partnership Accounts class 12. These Solutions are based on topics Preparation of revaluation account, partners capital Account and Balance sheet, adjustment of old partners capital on the basis of new partners capital, when new partner is required to bring proportionate capital, When new partner is to bring capital on the basis of combined capital of old partners

Working notes are given with each solution. These help in understanding the steps and are also important for board exams as marks are given for steps.

These solutions are also useful for CA Foundation, CS Foundation and CMA Foundation students. The solutions will be helpful for students as well as teachers teaching class 12 accounts.

Question 71

Old Profit Sharing Ratio
Badal	Bijli	Total
3	2	5

New Partner Admitted	Raina
New Partners Share	1/6
New Partner share of Goodwill	12000

New Profit sharing ratio
Badal	Bijli	Raina	Total
15	10	5	30
3	2	1	6

Revaluation A/c
Particulars	Amount	Particulars	Amount
To Building A/c	15000
To Stock A/c	3000
To Prov for Bad Debts	2000




		By Loss on Revaluation :
		By Badal's Current A/c	12000
		By Bijli's Current A/c	8000

	20000		20000

Partners Current A/c
Particulars	Badal	Bijli	Raina	Particulars	Badal	Bijli	Raina
To Balance B/d		2000		By Balance B/d	12000
To Revaluation A/c-Loss	12000	8000
				By Premium for Goodwill	7200	4800
				By Investment Fluctuation Reserve	14400	9600
				By Badal Capital A/c-Capital Adj	30000
				By Bijli Capital A/c-Capital Adj		10000
To Balance c/d	51600	14400

Total	63600	22400	0	Total	63600	24400	0

			Partners Capital A/c
Particulars	Badal	Bijli	Raina	Particulars	Badal	Bijli	Raina
To Badal Current A/c-Cap Adj	30000			By Balance B/d	150000	90000
To Bijli Current A/c-Cap Adj		10000
				By Bank A/c			40000


To Balance C/d	120000	80000	40000
	150000	90000	40000		150000	90000	40000

Calculation of New Capital

Raina's Capital	40000
Raina's profit share	1/6
Total Capital of the new firm	240000

Particulars	Badal	Bijli
Revised Capital of the partners	120000	80000
	(240000*3/6)	(240000*2/6)
Existing Capital	150000	90000
Deficit/Surplus	30000	10000
Capital A/c	Dr	Dr
Current A/c	Cr	Cr

Not required in the answer. Shown here only for understanding

Balance Sheet
Liabilities		Amount	Assets		Amount
Creditors		26000	Building		135000
Bills Payable		8000	Investments		73000
Current A/c's			Stock		40000
Badal	51600		Debtors	20000
Bijli	14400	66000	Less - Prov	2000	18000

Badal's Capital A/c		120000	Cash		74000
Bijli's Capital A/c		80000	(22000 + 40000 + 12000)
Raina's Capital A/c		40000


		340000			340000

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	22000
To Raina's Capital A/c	40000
To Premium for Goodwill	12000	By Balance C/d	74000

Total	74000	Total	74000

Note :

When current A/c are opened only for capital adjustment then the other adjustment entries like revaluation,

goodwill will go in capital A/c only

However if the balance sheet given in question already have current A/c then the adjustment entries will go in current A/c only

▶ Video Solution: Coming Soon

Question 72

Old Profit Sharing Ratio
Gautam	Yashica	Total
3	1	4

New Partner Admitted	Asma
New Partners Share	3/8
New Partner share of Goodwill	50000

Find Sacrificing Ratio :

Old Profit Sharing Ratio
Gautam	Yashica	Total
3	1	4

New Profit Sharing Ratio
Gautam	Yashica	Asma	Total
3	2	3	8

Sacrificing Ratio
Gautam	Yashica
3/8	0
Sacrifice

Revaluation A/c
Particulars	Amount	Particulars	Amount
To Machinery A/c	21000	By Stock A/c	70000
To Furniture A/c	5000	(210000-140000)
To Prov for Bad Debts	8000




To Profit on Revaluation :
To Gautam's Capital A/c	27000
To Yashica's Capital A/c	9000

	70000		70000

Partners Capital A/c
Particulars	Gautam	Yashica	Asma	Particulars	Gautam	Yashica	Asma
				By Balance B/d	400000	100000
				By Revaluation A/c-Profit	27000	9000
				By Bank A/c			210000
				By Premium for Goodwill	50000

To Balance C/d	477000	109000	210000

Total	477000	109000	210000		477000	109000	210000
				By Balance C/d	477000	109000	210000

To Gautam Current A/c	267000			By Yashica Current A/c		31000
To Balance c/d	210000	140000	210000

Total	477000	140000	210000	Total	477000	140000	210000

Note : Partner current A/c shown here only for reference

Partners Current A/c
Particulars	Gautam	Yashica	Asma	Particulars	Gautam	Yashica	Asma

To Yashica Capital A/c		31000		By Gautam Capital A/c	267000



To Balance C/d	267000		0	By Balance C/d		31000
	267000	31000	0		267000	31000	0

Gautam Current A/c - Credit balance	Liabilities
Yashica Current A/c - Debit balance	Assets

Calculation of New Capital

Asma's Capital	210000
Asma's profit share	3/8
Total Capital of the new firm	560000

Particulars	Gautam	Yashica
Revised Capital of the partners	210000	140000
	(560000*3/8)	(560000*2/8)
Existing Capital	477000	109000
Deficit/Surplus	267000	31000
Capital A/c (in Journal entry)	Dr	Cr
Current A/c/Cash (In Journal entry)	Cr	Dr

Balance Sheet
Liabilities		Amount	Assets		Amount
Sundry Creditors		50000	Furniture		55000
Bills Payable		30000	(60000-5000)
Gautam Current A/c's		267000	Stock		210000

			Debtors	80000
			Less - Prov	8000	72000

Capital A/c :			Cash in Hand		350000
			(90000+210000+50000)
Gautam	210000		Machinery		189000
Yahsica	140000		(210000-21000)
Asma	210000	560000	Yashica Current A/c		31000

		907000			907000

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	90000
To Asma's Capital A/c	210000
To Premium for Goodwill	50000	By Balance C/d	350000

Total	350000	Total	350000

▶ Video Solution: Coming Soon

Question 73

Old Profit Sharing Ratio

Ishu	Vishu	Total
3	2	5

New Partner Admitted	Nishu
New Partners Share	1/6
Goodwill of the firm	84000
New Partner share of Goodwill	14000

Find New Ratio :

Old Profit Sharing Ratio
Ishu	Vishu	Total
3	2	5

Let the total profits be 1	1
Nishu's Share is 1/5	1/6
Balance for old partners	5/6

Ishu's Share	1/2	(5/6 X 3/5)
Vishu's Share	1/3	(5/6 X 2/5)

New Profit Sharing ratio
Ishu	Vishu	Nishu
1/2	1/3	1/6
3	2	1

Sacrificing Ratio
Ishu	Vishu
3	2

(Same as old ratio)

Revaluation A/c
Particulars	Amount	Particulars	Amount
		By Plant & Machinery	14000
		By Prov for Bad Debts	7000
		By Creditors	9800


To Profit on Revaluation :
To Ishu's Capital A/c	18480
To Vishu's Capital A/c	12320

	30800		30800

Journal Entry for Adjustment of Investment Fluctuation Reserve :

Investment Fluctuation Reserve A/c Dr..		4000
	To Investment A/c		2000	(21000-19000)
	To Ishu Capital A/c		1200
	To Vishu Capital A/c		800

Partners Capital A/c
Particulars	Ishu	Vishu	Nishu	Particulars	Ishu	Vishu	Nishu
				By Balance B/d	119000	112000
				By Revaluation A/c-Profit	18480	12320
				By Bank A/c			56000
				By Premium for Goodwill	8400	5600
				By Investmnt Fluctuation Reserve	1200	800
				By General Reserve	6000	4000
To Balance C/d	153080	134720	56000

Total	153080	134720	56000		153080	134720	56000
				By Balance C/d	153080	134720	56000

To Cash		22720		By Cash	14920
To Balance c/d	168000	112000	56000

Total	168000	134720	56000	Total	168000	134720	56000

Calculation of New Capital

Nishu's Capital	56000
Nishu's profit share	1/6
Total Capital of the new firm	336000

Particulars	Ishu	Vishu
Revised Capital of the partners	168000	112000
	(336000*3/5)	(336000*2/5)
Existing Capital	153080	134720
Deficit/Surplus	14920	-22720
Capital A/c (in Journal entry)	Cr	Dr
Cash (In Journal entry)	Dr	Cr

Balance Sheet
Liabilities		Amount	Assets	Amount
Sundry Creditors		56200	Cash at Bank	149200
			Debtors	42000

			Investments	19000
			Building	98000
Capital A/c :			Plant & Machinery	84000
Ishu	168000		(70000+14000)
Vishu	112000
Nishu	56000	336000


		392200		392200

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	87000	By Vishu Capital A/c	22720
To Nishu's Capital A/c	56000
To Premium for Goodwill	14000	By Balance C/d	149200
To Ishu Capital A/c	14920

Total	171920	Total	171920

▶ Video Solution: Coming Soon

Question 74

Revaluation A/c
Particulars		Amount	Particulars	Amount
To Prov for Bad Debts		1600	By Plant & Machinery	6600
(3600-2000)



To Profit on Revaluation :
Anshu	3000
Vihu	2000	5000

		6600		6600

Partners Capital A/c
Particulars	Anshu	Vihu	Mani	Particulars	Anshu	Vihu	Mani
				By Balance B/d	144000	80000
				By Revaluation Profit	3000	2000
				By Bank A/c			76000
				By Premium for Goodwill	12000	8000
				By General Reserve	30000	20000
				By Inv Fluc Reserve	3000	2000

To Balance C/d	192000	112000	76000
	192000	112000	76000		192000	112000	76000

Working Note :

Capital Adjustment

Old Partners Adjusted Capital
Anshu	192000
Vihu	112000
Total	304000

Old partners profit share	4/5	(1-1/5)
Firms total Capital	380000	(304000*5/4)

Mani Capital	76000

Not required in the answer. Shown here only for understanding

Balance Sheet
Liabilities		Amount	Assets		Amount
Capitals			Cash		136000
Anshu	192000		(40000+20000+76000)
Vihu	112000		Debtors	36000
Mani	76000	380000	Less - Prov	3600	32400
			Stock		30000
Creditors		80000	Investments		35000
			Plant & Machinery		226600


		460000			460000

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	40000
To Mani Cap A/c	76000
To Premium for G/w	20000
		By Balance C/d	136000

Total	136000	Total	136000

▶ Video Solution: Coming Soon

Question 75

Revaluation A/c
Particulars		Amount	Particulars	Amount
To Prov for Bad Debts		3500	By Machinery	60000
(4500-1000)			By Creditors	3500



To Profit on Revaluation :
Aryan	45000
Adya	15000	60000

		63500		63500

Partners Capital A/c
Particulars	Aryan	Adya	Dev	Particulars	Aryan	Adya	Dev
To Profit & Loss A/c	15000	5000		By Balance B/d	320000	240000
				By Revaluation Profit	45000	15000
				By Bank A/c			165000
				By Premium for Goodwill	30000	10000
				By WCR	15000	5000


To Balance C/d	395000	265000	165000
	410000	270000	165000		410000	270000	165000

Working Note :

Capital Adjustment

Old Partners Adjusted Capital
Aryan	395000
Adya	265000
Total	660000

Old partners profit share	4/5	(1-1/5)
Firms total Capital	825000	(660000*5/4)

Dev Capital	165000	(1005000*1/5)

Not required in the answer. Shown here only for understanding

Balance Sheet
Liabilities		Amount	Assets		Amount
Capitals			Machinery		450000
Aryan	395000		Furniture		80000
Adya	265000		Debtors	90000
Dev	165000	825000	Less - Prov	4500	85500
Bank Loan		60000	Stock		77000
Creditors		44500	Cash		237000
			(32000+40000+165000)


		929500			929500

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	32000
To Dev Cap A/c	165000
To Premium for G/w	40000
		By Balance C/d	237000

Total	237000	Total	237000

▶ Video Solution: Coming Soon

Question 76

Old Profit Sharing Ratio

Raman	Rohit	Total
2	1	3

New partner admitted	Saloni
		कितना दिया

Raman Gives			2/5	of his share =	4/15	(2/3*2/5)	4 : 1
Rohit Gives			1/5	of his share =	1/15	(1/3*1/5)

Raman New Share	2/5	(2/3 - 4/15)
Rohit New Share	4/15	(1/3 - 1/15)

Saloni Share	1/3	(4/15+1/15)

New Profit sharing ratio	Raman	Rohit	Saloni	Total
	2/5	4/15	1/3	1
	6	4	5	15

Sacrificing Ratio	Raman	Rohit	Total
	4/15	1/15
	4	1	5

New Partner Admitted	Saloni
New Partners Share	1/3

New Partner share of Goodwill		42000	(Given in Question)

Raman's share in Goodwill	33600	(42000*4/5)
Rohit's share in Goodwill	8400	(42000*1/5)

Revaluation A/c
Particulars	Amount	Particulars	Amount
To P & M	35000	By Creditors	2500
To Furniture	6500
To Prov for BD	3000


		By Loss on Revaluation :
		By Raman's Capital A/c	28000
		By Rohit's Capital A/c	14000

	44500		44500

Note : Entry for workmen compensation fund
Workmen Compensation Fund A/c Dr..	40000
To Workmen Compeensation Claim A/c		16000
To Raman Capital A/c		16000
To Rohit Capital A/c		8000
(Being workmen compensation reserve distributed after claim)

Partners Capital A/c
Particulars	Raman	Rohit	Saloni	Particulars	Raman	Rohit	Saloni
				By Balance B/d	140000	100000
To Revaluation A/c-Loss	28000	14000
				By Premium for Goodwill	33600	8400
				By Bank A/c - Capital Introduced			132000
				By Workmen Compensation Res	16000	8000


To Balance c/d	161600	102400	132000

Total	189600	116400	132000	Total	189600	116400	132000

Calculation of New Capital

Raman New Capital	161600	(140000+33600+16000-28000)
Rohit New Capital	102400	(100000+8400+8000-14000)
Total Capital	264000

Profit share of old partners	2/3	(Old partner new share)	(6/15 + 4/15)

Total Capital of the new firm	396000	(264000 X 3/2)

Total Capital of the new partner	132000	(396000-264000)
		OR
		(396000*1/3)

Balance Sheet
Liabilities	Amount	Assets		Amount
Workmen Comp Lia	16000	Plant & Machinery		140000
Creditors	157500	Furniture & Fixture		58500
		Stock		47000
		Debtors	110000
		Less - Prov	10000	100000
		Bank		224000
Raman's Capital A/c	161600
Rohit's Capital A/c	102400
Saloni's Capital A/c	132000


	569500			569500

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	50000
To Z's Capital A/c	132000
To Premium for Goodwill	42000
		By Balance C/d	224000
Total	224000	Total	224000

▶ Video Solution: Coming Soon

Question 77

Old Profit Sharing Ratio
Ram	Shyam	Total
3	2	5

New Partner Admitted	Mahesh
New Partners Share	1/5
New Partner share of Goodwill	25000

Ram's share in Goodwill	0
Shyam's share in Goodwill	25000	(As per question, Fully sacrificed by Shyam)

Revaluation A/c
Particulars	Amount	Particulars	Amount
To Workmen Comp	12500	By Bank - B/D Recovered	5000
To Stock	7500	By Machinery	5000





		By Loss on Revaluation :
		By Ram's Capital A/c	6000
		By Shyam's Capital A/c	4000

	20000		20000

Note :

Since there is no workmen compensation reserve so whole workmen compensation claim

will be transferred to Revaluation A/c

Note :

A debtor whose Rs 7500 were written off as bad paid now

Paid :

Bank A/c Dr..			5000
To Revaluation A/c				5000

If the language of the questiion given as "Now agreed to pay" then following entry will be passed :

(Not relevant in this question, given only for information)

Debtors A/c Dr..			5000
To Revaluation A/c				5000

Note :

Revaluation of Stock

Calculate the Market Value

Let the market value be Rs 100

So Book Value will be Rs 110 as book value is valued 10% more than market value

BookValue	Market Value
110	100
1	100/110
82500	100/110 X 82500
	75000	82500

Revaluation Loss on Stock	(82500-75000)	7500
(Book Value - Market Value)

Partners Capital A/c
Particulars	Ram	Shyam	Mahesh	Particulars	Ram	Shyam	Mahesh
				By Balance B/d	150000	100000
To Revaluation A/c-Loss	6000	4000
				By Premium for Goodwill		25000
				By General Reserve	15000	10000
				By Bank A/c			58000


To Balance c/d	159000	131000	58000

Total	165000	135000	58000	Total	165000	135000	58000

Ram's Capital A/c	159000		(As per partner capital A/c above)
Shyam's Capital A/c	131000		(As per partner capital A/c above)

Total Combined Capital of old partners	290000	(159000+131000)

Mahesh share of Capital	20%
Mahesh will bring Capital	58000	(290000*20/100)

Balance Sheet
Liabilities	Amount	Assets		Amount
Creditors	70000	Cash at Bank		113000
Employee PF	55000	Debtors	162500
Workmen Comp Claim	12500	Less - Prov	12500	150000
		Stock		75000
		Machinery		147500

Ram's Capital A/c	159000
Shyam's Capital A/c	131000
Mahesh's Capital A/c	58000


	485500			485500

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	25000
To Mahesh's Capital A/c	58000
To Premium for Goodwill	25000
To Revaluation(BD recovered)	5000	By Balance C/d	113000
Total	113000	Total	113000

▶ Video Solution: Coming Soon

Question 78

Old Profit Sharing Ratio

Aan	Shaan	Total
3	2	5

New Partner Admitted	Mohan
New Partners Share	1/4
New Partner share of Goodwill	100000	(As given in question)

Aan's share in Goodwill	60000	(100000*3/5)
Shaan's share in Goodwill	40000	(100000*2/5)

Revaluation A/c
Particulars	Amount	Particulars	Amount
To Stock	60000	By Building	140000
To Prov for BD	7000	(700000*20/100)
To O/s Legal Charges	18000




To Profit on Revaluation :
To Aan's Capital A/c	33000
To Shaan's Capital A/c	22000

	140000		140000

Partners Capital A/c
Particulars	Aan	Shaan	Mohan	Particulars	Aan	Shaan	Mohan
				By Balance B/d	700000	600000
				By Revaluation A/c-Profit	33000	22000
				By Premium for Goodwill	60000	40000
				By Reserve	90000	60000
				By Bank A/c			401250


To Balance c/d	883000	722000	401250

Total	883000	722000	401250	Total	883000	722000	401250

Aan's Capital A/c	883000	(As per partner capital A/c above)
Shaan's Capital A/c	722000	(As per partner capital A/c above)

Total Capital of old partners	1605000
Mohan share of Capital	1/4	(As per question - 1/4 of total adjusted capital of old partners)
Mohan will bring Capital	401250	(1605000*1/4)

Balance Sheet
Liabilities	Amount	Assets		Amount
Creditors	200000	Cash at Bank		649250
Employees PF	30000	Debtors	205000
O/s Legal Charges	18000	Less - Prov	10000	195000
Bank Overdraft	170000	Stock		140000
		Plant & Machinery		600000
		Building		840000
Aan's Capital A/c	883000	(700000+140000)
Shaan's Capital A/c	722000
Mohan's Capital A/c	401250


	2424250			2424250

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	148000
To Mohan's Capital A/c	401250
To Premium for Goodwill	100000
		By Balance C/d	649250
Total	649250	Total	649250

▶ Video Solution: Coming Soon

Q 1-10 | Q 11-20 | Q 21-30 | Q 31-40 | Q 41-50 | Q 51-60 | Q 61-70 | Q 71-78

T S Grewal Solutions – Admission of a Partner– All Questions

T S Grewal Solutions Class 12 2026-27 – All Chapters

Related Posts

Leave a Comment Cancel Reply