T S Grewal Solutions 2026-27 [Class 12] – Admission of a Partner – Q 51 to 60

Solution for Q 51 to 60 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 Revaluation of assets and Liabilities, Reserves, accumulated profits and accumulated losses.

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 51

Journal entries for Goodwill

Bank A/c Dr..	150000
To Manya Capital A/c		100000
To Premium for Goodwill A/c		50000

Premium for Goodwill A/c Dr..	50000
To Ashish Capital A/c		30000	(50000*3/5)
To Vishesh Capital A/c		20000	(50000*2/5)
(Sacrificing ratio is same as old ratio)

Journal Entries for revaluation

Outstanding electricity Expenses A/c Dr..	20000
To Bank A/c		20000

Revaluation A/c Dr..	12000
To Stock A/c		12000

Ashish Capital A/c Dr..	7200
Vishesh Capital A/c Dr..	4800
To Revaluation A/c		12000

Journal entry for accumulated loss

Ashish Capital A/c Dr..	6000		10000*3/5
Vishesh Capital A/c Dr..	4000		10000*2/5
To Profit and Loss A/c		10000

▶ Video Solution: Coming Soon

Question 52

(a)	Workmen Compensation Reserve A/c Dr..	90000
	To P Capital A/c		45000
	To Q Capital A/c		45000

Note : In the absence of information profit sharing ratio is assumed to be equal

(b)	Workmen Compensation Reserve A/c Dr..	90000
	To Workmen Compensation Claim A/c		60000
	To P Capital A/c		15000
	To Q Capital A/c		15000

Note : In the absence of information profit sharing ratio is assumed to be equal

(c)	Investment Fluctutation Reserve A/c Dr..	60000
	To Investments A/c		15000	(300000-285000)
	To P Capital A/c		22500	45000*1/2
	To Q Capital A/c		22500	45000*1/2

Note : In the absence of information profit sharing ratio is assumed to be equal

(d)	General Reserve A/c Dr..	60000
	To Investment Fluctuation Reserve A/c		15000
	To P Capital A/c		22500
	To Q Capital A/c		22500

Note : In the absence of information profit sharing ratio is assumed to be equal

▶ Video Solution: Coming Soon

Question 53

General Reserve A/c Dr..	250000
P & L A/c Dr..	50000
To Ram's Capital A/c		200000	(300000X2/3)
To Shyam's Capital A/c		100000	(300000X1/3)

** Balances in General Reserve and P & L A/c transferred to old partners capital A/c in old profit sharing ratio

** Separate entries for each reserve can also be passed

▶ Video Solution: Coming Soon

Question 54

General Reserve A/c Dr..			150000
To X's Capital A/c				90000	(150000 X 3/5)
To Y's Capital A/c				60000	(150000 X 2/5)

X's Capital A/c Dr..			12000		(20000X3/5)
Y's Capital A/c Dr..			8000		(20000X2/5)
To P & L A/c				20000

		OR
General Reserve A/c Dr..			150000
	To P&L A/c			20000
	To X Cap A/c			78000	(130000*3/5)
	To Y Cap A/c			52000	(130000*2/5)

** Balances in General Reserve and P & L A/c transferred to old partners capital A/c in old profit sharing ratio

▶ Video Solution: Coming Soon

Question 55

	Investments Book Value			500000	(jab kharide the tab kitne ke the)
	IFR			200000

(i)	MV of Investments	500000
	Profit/Loss	Nil	(500000 - 500000)

	Full IFR will be distributed among the partners in old ratio
	Journal Entry

IFR A/c Dr..	200000
To Sunny Capital A/c		120000	(200000*3/5)
To Ujjwal Capital A/c		80000	(200000*2/5)

(ii)	MV of Investments	300000	(aaj ki value, aaj investment kitne ke hain)
	Loss	200000	(500000 - 300000)
	IFR	200000

Full IFR used to write off investments

No reserve will be distributed among the partners in old ratio

Journal Entry

	IFR A/c Dr..			200000
	To Investments A/c				200000

(iii)	MV of Investments	200000		BV = 500000
	Loss	300000	(500000 - 200000)
	IFR	200000

	Full IFR used to write off investments
	Additional Loss on investments will be debited to Revaluation A/c

	Journal Entry

IFR A/c Dr..	200000
Revaluation A/c Dr..	100000
To Investments A/c		300000

▶ Video Solution: Coming Soon

Question 56 (a)

Murari Capital A/c Dr..	3600		(6000*3/5)
Vohra Capital A/c Dr..	2400		(6000*2/5)
To Advertisement Expenditure A/c		6000

General Reserve A/c Dr..	30000
Contingency Reserve A/c Dr..	2700
Profit and Loss A/c Dr..	18000
To Murari Capital A/c		30420	(50700*3/5)
To Vohra Capital A/c		20280	(50700*2/5)

Workmen Compensation Reserve A/c Dr..	7200
To Workmen Compensation Claim		900
To Murari Capital A/c		3780	(6300*3/5)
To Vohra Capital A/c		2520	(6300*2/5)

Investment Fluctuation Reserve A/c Dr..	9000
To Investments A/c		6000
To Murari Capital A/c		1800	(3000*3/5)
To Vohra Capital A/c		1200	(3000*2/5)

▶ Video Solution: Coming Soon

Question 56(b)

General Reserve				150000
Contingency Reserve				60000
Profit and Loss A/c (Cr)				90000
Less - Advertisement Suspense (Dr)				-120000

Net Adjustment				180000

Old Profit Sharing Ratio

A	B	C	Total
6	3	1	10

New Profit Sharing Ratio

A	B	C	D	Total
3	3	3	1	10

Sacrificing Ratio

A	B	C
3/10	0	-1/5
Sacrifice	No Change	Gain

A's Sacrifice	180000 X 3/10	54000
C's Gain	180000 X 1/5	36000
D's Gain	180000 X 1/10	18000

Journal Entry

C's Current A/c Dr..	36000		(180000*1/5)
D's Current A/c Dr..	18000		(180000*1/10)
To A's Current A/c		54000	(180000*3/10)

▶ Video Solution: Coming Soon

Question 57

Revaluation A/c
Particulars	Amount	Particulars	Amount
To Stock A/c	4000	By Machinery A/c	20000
To Creditors	1000	By Building	15000
To Prov for Doubtful Debts	3000


To Profit on Revaluation :
To Amit Capital A/c	18000
To Anil Capital A/c	9000

	35000		35000

Partners Capital A/c
Particulars		Amit	Anil	Ankit	Particulars		Amit	Anil	Ankit
To Amit Cap A/c (Gen Res)				2000	By Balance B/d		180000	150000
To Anil Cap A/c (Gen Res)				1000	By Cash A/c				100000
					By Premium for Goodwill		40000	20000
					By Ankit Capital A/c(Gen Res)		2000	1000
					By Revaluation A/c		18000	9000

To Balance c/d		240000	180000	97000

	Total	240000	180000	100000		Total	240000	180000	100000

Journal Entries

Ankit capital A/c Dr..		3000
To Amit capital A/c			2000
To Anil capital A/c			1000

Cash A/c Dr..	160000
To Ankit Capital		100000
To Premium for Goodwill		60000

Premium for Goodwill A/c Dr..		60000
To Amit Capital A/c			40000
To Anil Capital A/c			20000

Note : Old partners sacrificing ratio will be same as their old profit sharing ratio

▶ Video Solution: Coming Soon

Question 58

Revaluation A/c
Particulars	Amount	Particulars	Amount
		By Machinery A/c	7000
		By Stock	1000



To Profit on Revaluation :
Vimal Capital A/c	5000
Nirmal Capital A/c	3000

	8000		8000

Partners Capital A/c
Particulars		Vimal	Nirmal	Kailash	Particulars		Vimal	Nirmal	Kailash
To Goodwill A/c		5000	3000		By Balance B/d		32000	34000
					By Cash/Bank A/c				30000
					By Kailash Current A/c		2500	1500
					By General Reserve		5000	3000
					By Revaluation A/c		5000	3000

To Balance c/d		39500	38500	30000

	Total	44500	41500	30000		Total	44500	41500	30000

Working Note :

Step	Goodwill Valuation

1	Average Profits X no of years purchase
	6000*2 = 12000

2	Kailash Share = 1/3
	12000*1/3 = 4000

▶ Video Solution: Coming Soon

Question 59

Journal Entries

Cash A/c Dr..	33000
To Vini's Capital A/c		18000
To Premium for Goodwill A/c		15000

Premium for Goodwill A/c Dr..	15000
To Gini's Capital A/c		5000
To Bini's Capital A/c		5000
To Mini's Capital A/c		5000

Revaluation A/c Dr..	2700
To Motors A/c		2500
To Furniture A/c		200

Gini's Capital A/c	900
Bini's Capital A/c	900
Mini's Capital A/c	900
To Revaluation A/c		2700
(Being loss on revaluation transferred to old partners capital A/c)

Balance Sheet of the new firm

Liabilities		Amount	Assets		Amount
Gini's Capital A/c		19100	Motor		9500
Bini's Capital A/c		21600	Furniture		3800
Mini's Capital A/c		24100	Stock		26500
Vini's Capital A/c		18000	Debtors		37800
Liabilities		30000	Cash		35200

	Total	112800		Total	112800

** Partners Capital A/c in new firm =

Balance in old firm + Share in Goodwill - Revaluation Loss

** This is a case where the cash balance in the old firm is not given so

we have to prepare a memorandum balance sheet

Memorandum Balance Sheet
Liabilities		Amount	Assets
Gini's Capital A/c		15000	Motor		12000
Bini's Capital A/c		17500	Furniture		4000
Mini's Capital A/c		20000	Stock		26500
			Debtors		37800
Liabilities		30000	Cash		2200
			(Balancing Figure)

	Total	82500		Total	82500

Partners Capital A/c
Particulars		Gini	Bini	Mini	Vini	Particulars		Gini	Bini	Mini	Vini
To Rev A/c		900	900	900		By Balance B/d		15000	17500	20000
						By Cash					18000
						By Premium for G/w		5000	5000	5000
To Balance C/d		19100	21600	24100	18000

	Total	20000	22500	25000	18000		Total	20000	22500	25000	18000

▶ Video Solution: Coming Soon

Question 60

Jounrnal Entries

Revaluation A/c Dr..		1750
To Stock A/c			500
To Plant and Machinery			875
To Prov for Doubtful Debts			375

Buildings A/c Dr..		2500
	To Revaluation A/c		2500

Revaluation A/c Dr..		750
	To A's Capital A/c		500
	To B's Capital A/c		250

Cash A/c Dr..		10500
To C's Capital A/c			7500
To Premium for Goodwill A/c			3000

Premium for Goodwill A/c Dr..		3000
	To A's Capital A/c		2000
	To B's Capital A/c		1000

Old Profit Sharing Ratio

A	B	Total
2	1	3

New Partner Admitted				C
New Partners Share				1/4
New Partner share of Goodwill				3000

A's share in Goodwill				2000
B's share in Goodwill				1000

Revaluation A/c
Particulars	Amount	Particulars	Amount
To Stock A/c	500	By Building A/c	2500
To Plant and Machinery	875
To Prov for Doubtful Debts	375

To Profit on Revaluation :
To A's Capital A/c	500
To B's Capital A/c	250

	2500		2500

Partners Capital A/c
Particulars		A	B	C	Particulars		A	B	C
					By Balance B/d		15000	10000
					By Revaluation Profit		500	250
					By Cash A/c				7500
					By Premium for Goodwill A/c		2000	1000


To Balance c/d		17500	11250	7500

	Total	17500	11250	7500		Total	17500	11250	7500

Balance Sheet
Liabilities	Amount	Assets		Amount
Sundry Creditors	32950	Building		27500
		Plant and Machinery		16625
		Stock		9500
		Sundry Debtors	4850
A's Capital A/c	17500	Less - Prov	375	4475
B's Capital A/c	11250	Cash in Hand		11100
C's Capital A/c	7500


	69200			69200

Cash/Bank A/c
Particulars	Amount	Particulars	Amount
To Balance B/d	600
To Premium for Goodwill	3000
To C's Capital A/c	7500	By Balance C/d	11100

Total	11100	Total	11100

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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

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