[CBSE] Q. 36 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 36 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Question – 36

Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were ₹ 50,000 and ₹ 75,000 respectively. They admitted Atul on 1st April, 2023 as new partner for 1/4th share in future profits. Atul brought ₹ 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary Journal entries for the above transactions on Atul’s admission.

Solution:-

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