[CBSE] Q. 35 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 35 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?
Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,000 and ₹ 2,40,000 respectively. They admitted Charu as a new partner for 1/4th share in the profits of the firm on 1st April 2012. Charu brought ₹ 3,20,000 as her share of capital.
Calculate value of goodwill and record necessary Journal entries.
[Ans.: (I) Dr. Bank A/c and Cr. Charu’s Capital A/c by ₹ 3,20,000; (ii) Dr. Charu’s Current A/c by ₹ 1,00,000; Cr. Anil’s Current A/c by ₹ 50,000 and Sunil’s Current A/c by ₹ 50,000. Hidden Goodwill by ₹ 4,00,000.]
Solution:-
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