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Ts grewal accountancy class 12 pdf

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1. Monilal Das – Principles of Accounts for ISC - XII. Vol. II. 2. mmoonneeyy.info, Dr. mmoonneeyy.info - Self Tutor, Accountancy. 3. mmoonneeyy.info – Double Entry Book Keeping. Double Entry Book Keeping- TS Grewal Vol. I and II. IT'S FREE. DOWNLOAD IT ONCE AND USE IT OFFLINE. Chapter-1 Accounting for. Download Free TS Grewal Solutions PDF for Class 11 and 12 Accounting Chapter Professor TS Grewal is the God of Accountancy and every.


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The steps involved under this method are: Selvakumar retired from the partnership on 1st January on the following terms: Assuming that Cheran. Pass entries to transfer the entire reserve and undistributed losses to their capital accounts. Other editions. Find out the new Profit sharing ratio of G and H.

Mention the items that may appear on the credit side of the capital accounts of a partner when the capitals are fluctuating. Vani and Rani from the following details assuming that their capitals are fluctuating.

Write up the Capital and Current Accounts of the partners. Problems Fixed and Fluctuating Capitals: Ramu Rs. When Capitals are Fluctuating: Somu Rs. Kannagi Vasugi Rs. Capital as on 1. Interest on them has to be calculated for an average period of 6 months. The Net Profit of the firm for the year ended 31st March before making adjustments for the above items was Rs.

The Trading Profit for the year ended 31st March. Amudharasan Rs. Interest on capital The drawings of the partners were Elavarasan Rs. Profit Rs. Amuthan and Raman to get a salary of Rs. Drawings of the partners during the year were. Amuthan and Raman are partners in a firm showing Profits and Losses in the ratio 3: Pallavan are partners with capitals of Rs. Raja Rs. Their Partnership Deed provided for the following: In the absence of actual date of Drawings. Their capitals on 1.

The Trading Profit before taking into account the provision of the Deed for the year ended 31st December. Prepare the Capital Accounts of the partners Ravi and Raja from the following details assuming that their capitals are fluctuating: Particulars Capital as on 1. Amuthan Rs. Amudharasan entitled to a salary of Rs.

Assuming that Elavarasan and Amudharasan are equal partners. Capital Accounts: Elavarasan Rs. October Answer: Valayapathi draws Rs. X introduced additional capital of Rs. Queen and King had capitals of Rs. On 1st July Manjula withdrew Rs. Shanmugam draws Rs. The drawings of the partners were Cheran Rs. Sundar drew regularly Rs. Pasupathi draws Rs. Queen withdrew Rs. Pasupathi and Valayapathi are partners. Assuming that Cheran. Interest on drawings.

Interest on capital. Matheswaran draws Rs. Sundar and Shanmugam are two partners sharing profits and losses equally. Vennila introduced additional capital Rs. Nagarajan draws Rs. X and Y had capitals of Rs. Hari and Karthi are two partners sharing profits and losses equally. Pallavan is entitled to a salary of Rs. June Answer: Matheswaran and Nagarajan are partners sharing profits in the ratio of 3: Manjula and Vennila started business on 1st April with capitals of Rs.

Y withdrew Rs. Pallavan are equal partners. King introduced additional capital Rs. Hari drew regularly Rs. A firm earned net profits during the last three years as follows: I Year Rs. The profits for the last five years of the firm were: The profits for the last four years of the firm were: Calculate the value of goodwill on the basis of three years purchase of Super profits. Goodwill is to be valued at three years purchase of four years average profits.

Goodwill Rs. S were partners of a firm sharing profit and losses in the ratio 3: Karthi drew Rs. Valuation of Goodwill: October The average capital employed in the business is Rs. The average net profits of the firm expected in the future are Rs.

Net trading profits of the firm for the past three years were Rs. Find out the value of goodwill on the basis of two years purchase of Super Profits.

The remuneration of the partners is estimated to be Rs. From the following information. A Partnership firm suffering from shortage of funds or administrative incapabilities may decide to admit a partner. A person who is admitted Admission of a partner is one of the modes of reconstituting the firm.

According to Section 31 1 of the Indian Partnership Act Whereas the consideration which he pays to the old partners for the right to participate in the division of future profits is called Goodwill..

With the consent of all the old partners. Credit Rs.

Grewal pdf class 12 ts accountancy

New Profit Sharing Ratio: The ratio in which all partners including incoming partner share the future profits and losses is known as the new profit sharing ratio. He may be admitted in view of his talent.

Accountancy Ebook - Class 12 - Part 2 (1).pdf | Partnership | Goodwill (Accounting)

The amount that the new partner brings in for the right to share in the partnership assets is called his capital and is credited to his Capital account. The accounting treatment is Whenever a partner is admitted into the partnership firm.. They decided to admit Chandran into the firm with a capital of Rs.

Recording the Capital of a new partner 2. In other words. Give journal entry for Capital brought in by Chandran. While admitting a new partner. On admission of a new partner. Sacrificing Ratio: The ratio in which the old partners have agreed to sacrifice their shares in profit in favour of a new partner is called the sacrificing ratio.

The determination of new profit sharing ratio depends upon the ratio in which the incoming partner acquires his share from the old partners.

From the calculation point of view of sacrificing ratio. Old ratio — Sacrifice of the old partners are given. Calculate new profit sharing ratio and sacrificing ratio of old partners.

When the new share of the incoming partner is not given. New profit sharing ratio is given. Calculate new Profit sharing ratio and sacrificing ratio of old partners. Sacrificing ratio: New Share Old Share — Sacrifice b. Calculate a new ratio and b Sacrificing ratio. S and T are partners sharing profits in the ratio of 3: Calculate a New ratio and b Sacrificing ratio.

They admit U as new partner. For the purpose a revaluation account is opened. Revaluation Account is credited with the following profit items: They admit Z as a new partner. Revaluation account is debited with the following loss items: The new profit sharing ratio among X. Find out the sacrificing ratio. At the time of admission of a partner. New profit sharing ratio is given X and Y are partners sharing profits in the ratio of 3: For loss items: For recording a new liability Accounting entries to record the revaluation of assets and liabilities: If Profit: The assets and liabilities appear in the Balance Sheet of the reconstituted firm at their revised values.

For decrease in the value of an asset.. For transfer of balance in revaluation account i If credit side exceeds debit side profit.

If Loss: For recording an unrecorded liability For profit items: Journal Entries Date Illustration: Solomon has brought Rs. Provision 2. Their Balance Sheet was as under: The value of land and building was to be increased by Rs. Cr Particulars Rs. Give journal entries. Provision for doubtful debts is to be increased by Rs. To Assets Individually.

Assets Decrease in the value To Liabilities Increase in the amount. Revaluation Account Dr Particulars Rs. To Stock Revaluation Account Dr. Stock and machinery were to be depreciated by Rs.

Particulars Rs. Creditors Bills payable Capital Accounts Amar: Saleem Solomon Rs. Particulars Provision for doubtful debts 3. Antony has bring in a capital of Rs. Liabilities Rs. Assets Sundry Creditors A liability of Rs. Particulars Amar Akbar Antony Rs. Capital Account. Debit Credit Rs. Investments of Rs. Bank Account and the Balance Sheet. Pass entry. Therefore the undistributed profit or loss should be transferred to the old partners capital accounts in the old profit sharing ratio.

Partners of the firm. On that date. They admit Deepalakshmi on 1st January Provision for doubtful debts Particulars The undistributed loss in the business is generally shown at the assets side of the old Balance Sheet. Sundry Creditors Pass entry Their Balance Sheet shows Rs.

Journal Entry Date Journal Entry Date Particulars L. The new partner is not entitled to have any share in the undistributed profit or loss. Mahalakshmi and Dhanalakshmi are partners sharing profit and loss in the ratio of 3: For transfer of undistributed loss: For transfer of undistributed profit: Assets Rs.

The accounting treatment would be as follows: Goodwill is raised to its present value and shared by the old partners in the old ratio.. Revaluation Method: Mahendran and Narasimhan are partners of a firm sharing profit and loss in the ratio of 5: Goodwill does not appear as an asset in the balance sheet though it exists in the firm. General Reserve. The following accounting treatment is required to adjust goodwill in the books of the firm. On At the time of admission of new partner.

From the accounting point of view. Credit Rs.. It means that it is not yet recorded in its books and remains a silent asset. Reserve Fund. Contingency Reserve etc.. Over stated If the goodwill appears in the balance sheet at a value more than the present value of goodwill.

The entry is Solution: Their Balance sheet as on 31st March is as follows: Memorandum Revaluation Method and Premium method of Goodwill are beyond the scope of this book. Decrease in the value of goodwill transferred to old partners in the old ratio Illustration: Goodwill of the firm is to be valued at Rs..

They share profits and losses in the ratio of 3: Debit Rs. Anitha Vanitha Rs. Anitha 6. Cash account and the Balance Sheet of the reconstituted firm. Capital accounts. Sankari Their Balance Sheet as on 31st March is as under: Liabilities Provision for Bad debts 3. Particulars 5. Cash Debtors Vanitha and Kavitha as on 1. Provision for doubtful debts 1. Liabilities Creditors Bills payable Capitals: Anitha Vanitha Kavitha Rs.

Capital Accounts Dr. In the event of admission of a new partner. Particulars 6. When the value of an asset increases. At the time of admission. At the time of admission of a new partner.

When an unrecorded liabilities is brought into books. The partner admitted into partnership firm acquires two rights i. Sudha and Santhi as on 1st April Liabilities Capitals: Sankari 1. Old profit sharing. In order to maintain fair dealings. In admission. On admission of a new partner balance of General Reserve Account should be transferred to the capital account of a Old profit sharing ratio a all partners in their new profit sharing ratio b Gaining ratio b old partners in their old profit sharing ratio c Capital ratio c old partners in their new profit sharing ratio 76 This will be given by A and B.

When A and B sharing profits and losses in the ration 3: What are the adjustments to be made in connection with admission? What is meant by admission of a partner? What is Revaluation Method of Goodwill? Kundran and Kumaran are partners sharing profit and losses in the ratio of 9: New ratio What is accumulated reserve?

How will you treat the undistributed profits and losses at the time of admission of a partner? Calculate the new profit. Anandan and Baskaran were partners in a firm sharing profit and loss in the ratio of 3: Kugan is admitted as partners.

The old partners share all the accumulated profits and reserves in their a new profit sharing ratio 8. Sheela and Neela were sharing profits in the ratio of 4: New ratio 2: Who is an incoming partner? What is new profit ratio on admission of a partner?

Find out New Profit Ratio and the sacrificing ratio. What is Sacrifice Ratio? Why revaluation account is to be prepared? What are the entries for Revaluation of Assets and Liabilities of a firm in the event of admission of a partner? Calculate the new profit ratio and the sacrificing ratio. Calculated the New Profit Ratio and the sacrificing ratio. New ratio 6: What is revaluation account?

Accountancy of class 12 TS Grewal Book Questions (Double Entry Book Keeping) Cbse

Ramesh and Suresh are sharing profits in the ratio of 4: Muthian admitted as new partner. New ratio 3: Pass the necessary journal entries and show the revaluation account.

Mani and Sundaram are partners in a firm sharing profits and losses in the ratio of 7: Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7: C is admitted as a new partner. What would be their New Profit Ratio and their sacrificing ratio in each of the following cases: Suresh and Mahesh is 7: Revaluation Loss Rs.

A and B are partners in a firm sharing profits and losses in the ratio of 6: Calculate New Profit Sharing Ratio and the sacrificing ratio. Muthu and Siva were partners in a firm sharing profits in the ratio of 7: Revaluation Profit Rs. Raman and Laxmanan were partners sharing profit and losses in the ratio of 4: They decided to admit Fathima into the partnership and revalue their assets and liabilities as indicated here under: Mahesh joins and the new ratio among Ramesh.

Calculate New Profit Sharing Ratio. March Answer: Sridevi and Cynthia were partners sharing profit and loss in the ratio of 3: They agree to admit Chitra into partnership. New ratio a 3: Calculate the New Profit Ratio and the sacrificing ratio. Profit on Revaluation: Prepare the revaluation account. March Prepare the revaluation account. M and G were partners sharing profit and loss in the ratio of 3: Give journal entries and show the Revaluation Account.

Provision for doubtful debts Furniture Buildings Stock 1. Geetha and Seetha were partners sharing profits and losses in the ratio of 2: Balance Sheet Total: They decided to admit L into the partnership and revalue their assets and liabilities as under: Their balance sheet as at 31st December.

Their Balance Sheet as at 1st January. Sundry Creditors Bills payable Capital Accounts: Set out below is the balance sheet of Narayanan and Perumal sharing profits and losses equally as at 1st April. Sundry creditors Capital Accounts: They admitted Sultana as a partner and the new profit sharing ratio was 3: Kalavathi and Malathi are two partners sharing profits in the ratio of 4: Show revaluation account.

On the above date they decided to admit Komala into the partnership. On 31st December Pass entries to 84 transfer the entire reserve and profit and loss to the capital accounts of the partners.

Give journal entries if: On the above date they decided to admit Pavithra into the partnership. The following is the Balance Sheet of Amutha and Rama sharing profits 3: Gayathiri and Sumithra were partners of a firm sharing profit and loss is the ratio of 3: Goodwill account stood in their books at Rs. Amala and Vimala were partners of a firm sharing profit and losses in the ratio of 5: Jabeen and Kathija were partners in a firm sharing profits and losses in the ratio of 2: Goodwill did not appear on the date of the above admission in the partnership books and it was valued at Rs.

They decided to admit Kanimozhi into the firm to one sixth share of profits. Show the journal entry for the treatment of goodwill under the revaluation method. What is the entry for the goodwill account to its agreed value? Treatment of Goodwill Ponmalar and Thenmozhi were partners in a firm sharing profits and losses in the ratio of 7: Liabilities Sundry creditors Bills payable Capital accounts Amutha: Bank account and the Balance Sheet of the New Firm.

Revaluation Profit: Prepare the Revaluation account. Bank account and the Balance Sheet of the reconstituted partnership. Assets Capital: Prasanna and Nirmala were partners sharing profit and loss in the ratio of 7: Their Balance Sheet as on 31st December. Provision for doubtful debts Cash 1. Stock Pandian: Sundry creditors Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital.

Assets Sundry creditors Revaluation Loss: The following are the Balance Sheet of Pandian. The provision for doubtful debts was to be increased by Rs. A and B were partners sharing profit and losses in the ratio of 3: A and B sharing pofits in the ratio of 6: Liabilities Sundry creditors Bills payable Capitals: Liabilities C has to contribute Rs.

B as on Goodwill of the firm be valued at Rs. Capital accounts of partners and the Balance Sheet of the reconstituted partnership. Pass journal entries to carry out the above terms of admission. Their Balance sheet as on 31st December. The terms agreed upon were. Also show Revaluation account. Provision for doubtful debts Cash A retiring partner will be held liable for the debts incurred by the firm before his retirement.

According to section 32 1 of the Indian Partnership Act Certain adjustments have to be made in the books to ascertain the amount due to him from the firm.

These adjustments are very similar to those which we saw in connection with the admission of a partner. The ratio in which the continuing partners decide to share the future profits and losses is known as new profit sharing ratio. This necessitates the calculation of new profit sharing ratio of the remaining partners. When a partner retires.

A person who is retired from the firm is known as an outgoing partner or a retiring partner. Nothing is mentioned about the new ratio If nothing is mentioned about the new ratio. Meaning 2. Purpose 3. It is calculated to determine the amount of compensation to be paid by the incoming partner to the sacrificing partners.

C retires. The following are the different situations while calculating the new profit sharing ratio and the gaining ratio. It is calculated at the time of It is calculated at the time of admission of a new partner. B and C sharing profits in the ratio of 5: Basis of Distinction 1. Find out the new profit sharing ratio and gaining ratio.

This ratio is calculated by taking out the difference between new profit shareing ratio and old profit sharing ratio. It is proved in the following illustration.

Class accountancy 12 grewal pdf ts

It is calculated by taking out It is calculated by taking out the difference between old the difference between new ratio and new ratio. Gaining Ratio: It is calculated to determine the amount of compensation to be paid by each of the continuing partners to the outgoing partner.

Calculation 4. Illustration 3: F retires and his share was taken up by D and E in the ratio of 2: H and I are partners sharing profits in the ratio of 5: Find out the new profit sharing ratio of D and E.

I retires and his share was taken up by G and H equally. Find out the new Profit sharing ratio of G and H. E and F are partners sharing profits in the ratio of 5: K and L are partners sharing profits in the ratio of 5: Y and Z are partners sharing profits in the ratio of 5: Z retires and the ratio between X and Y is 3: Find out the new Profit sharing ratio and gaining ratio of continuing partners. Find out the gaining ratio Solution: X Old ratio 3 2 5: L retires and his share was taken up entirely by K.

Pass entries to give effect to the above adjustments They For profit items: Dr Dr. Show also Revaluation account They decided to revalue the assets and liabilities of the firm as indicated below: Meena wanted to retire Kavitha and Meena were partners of a firm sharing profit and loss in the ratio of 3: Illustration 6: At the time of retirement of a partner.. Date Particulars L. Journal Entries.. It is necessary that the retiring partner is given a share of all profits that have arisen till his retirement.

A Revaluation account is opened and credited with all the profit items and debited with all the loss items. For Loss items: Transfer of Accumulated Reserve Any amount kept aside as Reserve. On that date On April 1. Illustration 7: Dr Debit Rs. General reserve. Bharathi and Shanthi are partners sharing. Reserve fund. Thangamuthu wanted to retire on 1st June The entry is Anaimuthu and Vairamuthu are partners sharing profit and loss in the ratio of 3: In retirement too. Goodwill is raised to its present value and brought into record.

If the goodwill appears in the balance sheet at a value less than the present value of goodwill. If the goodwill appears in the balance sheet at a value more than the present value of goodwill.. Journal Entries Date Particulars L. Kalaiselvi decided to retire.

TS Grewal Solutions for Class 12 Accountancy

Goodwill of the firm is to be valued at Rs. The amount due to the retiring partner is ascertained by preparing his capital account incorporating all the adjustments like the share of goodwill..

Give journal entries if a there is no goodwill in the books of the firm. Kalaiselvi and Thenmozhi are partners sharing profits in the ratio of 5: The amount due is either paid off immediately or is paid in instalments. When it is not paid immediately. Furniture Rs. Set out below was their balance sheet as on 31st March Lalitha 2. Preparation of Revaluation Account. Jothi and Kanaga were partners of a firm sharing profit and losses in the ratio of 3: Plant and Machinery Rs. Capital Accounts.

B and C are partners sharing profits and losses in the ratio of 5: Lalitha was to be paid off immediately. Goodwill of the firm was to be valued at Rs. A retires from the firm on 1st April The assets are to be valued as under: Stock Rs. After his retirement. Balance Sheet Solution: A provision for doubtful debts be created at Rs.

Building Rs. Bank Account and the Balance Sheet of the reconstituted partnership firm Illustration: Jothi Rs. Lalitha Rs. Bank account and balance sheet of the reconstituted partnership. Kanaga Rs. Particulars Jothi Rs. To Provision for doubtful debts 2. Pandian and Chozhan were carrying on partnership business sharing profits in the ratio of 3: Assets Bills Payable Building to be appreciated by Rs.

Pallavan 2. Particulars 2. Prepare Revaluation Account. Cash in Hand Cash at Bank Book debts Bank Account Balance Sheet Dr. Jothi 1. Goodwill of the firm is valued at Rs.

On March At the time of retirement. Provision for doubtful debts 2. If the value of liabilities decrease. By Reserve 2. The retiring partner should be paid off or the amount due to him. At the time of retirement of partners. Bank If the goodwill account is raised for Rs. C retired from business and his share was purchased equally by A and B. Gaining ratio. At the time of retirement of a partner. If B retires then. Thirumalai and Umapathi are partners sharing profits in the ratio of 3: Calculate the new ratio and the ganing ratio when i A retires ii B retires iii C retires.

Problems Determination of New Profit Ratio 1. Nagappan and Ulaganathan are partners sharing profits in the ratio of 4: B and C were partners in a firm sharing profits in the ratio 4: What would be their new ratio and gaining ratio in each of the following cases.

Thirumalai retires and his share is taken up by Sabapathi and Umapathi equally. The Old profit sharing ratio of A. What are the entries for Revaluation of Assets and Liabilities of a firm in the event of retirement of a partner? What do you mean by retirement of a partner? Q retires and the new profit ratio agreed between the continuing partners P and R is 4: What are the adjustments to be made in connection with Retirement?

New ratio. What is new profit ratio on retirement of a partner? Ulaganathan retires and his share is taken up by Mani and Nagappan in the ratio of 3: New ratio i 3: Calculate the new ratio. Y retires.

Roja retires and her share is taken up entirely by Meena. Meena and Shobana are partners sharing profits in the ratio of 5: C retired. Calculate the new ratio of X and Z. Distinguish between sacrificing ratio and gaining ratio. Calculate gaining ratio.

How will you deal with the amount due to an outgoing partner? What is gaining ratio? Who is an outgoing partner? Gaining ratio i 3: How can a partner retire from the firm? Q and R sharing profits in the ratio of 2: Pass journal entries and prepare revaluation account. As Sarathi wanted to retire. As D wanted to retire. Sekar and Sarathi were partners of a firm sharing profits and losses in the ratio of 3: On 1st April D and E were partners of a firm sharing profit and loss in the ratio of 5: Assets Capitals: Machinery Ganga: Pass journal entries and revaluation account in the books of the firm to carryout the above decision of its partners.

Revaluation of Assets and Liabilities: Gopu wanted to retire. Somu and Gopu were partners of a firm sharing profit and losses in the ratio of 5: Their balance sheet as at 31st March.

It is agreed to adjust the values of the assets as follows: B and C were partners of a firm sharing profit and losses in the ratio of 5: Get A Copy. More Details Friend Reviews. To see what your friends thought of this book, please sign up. To ask other readers questions about T. Be the first to ask a question about T.

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