[CBSE] Q. 26 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 26 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at ₹ 4,40,000. Raja was admitted to the partnership. New profit sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1.

Raja brought ₹ 1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at ₹ 2,50,000.

Record necessary Journal entries in the books of the firm for the above transactions.

[Ans.: (I) Dr. Anu’s Capital A/c by ₹ 3,30,000 and Bhagwan’s Capital A/c by ₹ 1,10,000; Cr. Goodwill A/c by ₹ 4,40,000; (ii) Dr. Bank A/c by ₹ 1,50,000; Cr. Raja’s Capital A/c by ₹ 1,00,000 and Premium for Goodwill A/c by ₹ 50,000; (iii) Dr. Bhagwan’s Capital A/c by ₹ 37,500 and Premium for Goodwill A/c by ₹ 50,000; Cr. Anu’s Capital A/c by ₹ 87,500.]

Solution:-

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