[CBSE] Q. 21 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 21 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

B and C are in partnership sharing profits and losses as 3 : 1. They admit D as partner in the firm, D pays premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share future profits and losses equally. Draft Journal entries showing appropriations of the premium money.

[Ans.: Dr. Premium for Goodwill A/c by ₹ 15,000 and C’s Capital A/c by ₹ 3,750; Cr. B’s Capital A/c by ₹ 18,750.]

Solution:-

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