[CBSE] Q. 33 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 33 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A, B and C are in partnership sharing profits in the ratio of 5 : 4 : 1. Two new partners D and E are admitted and the new profit sharing ratio is 3 : 4 : 2 : 2 : 1. D is to pay ₹ 90,000 for his share of Goodwill but E is unable to bring his share of goodwill. Both the new partners introduced ₹ 1,20,000 each as their capital. You are required to pass the necessary Journal entries.

[Ans.: (I) Sacrificing Ratio between A and B = 15 : 4. Since C is gaining 4/60th share in the profits, he will also compensate A and B proportionately (i.e., ₹ 5,40,000 × 4/60 = ₹ 36,000). (ii) For Adjustment of Goodwill: Dr. C’s Capital A/c by ₹ 36,000; E’s Current A/c by ₹ 45,000 and Premium for Goodwill A/c by ₹ 90,000; Cr. A’s Capital A/c by ₹ 1,35,000 and B’s Capital A/c by ₹ 36,000.]

Solution:-

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