[CBSE] Q 48 DK Goel Admission of a Partner Solutions Class 12 (2024-25)

The solution of Question number 48 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)

Q. 48. Khushi and Sukhi are partners in a firm sharing profits in the ratio of 5 : 4. On April 1, 2024, they admit Muskan as a new partner and the new ratio is agreed at 3 : 2 : 1. On that date there was a balance of ₹ 63,000 in the profit and loss account and a balance of ₹ 45,000 in general reserve. Record the necessary journal entries.

[Ans. Profit & Loss balance and General Reserve will be credited to old partners in old ratio.]

Solution:-

Note:-

Accumulated profit and general reserve is credited to old partners in old ratio i.e. 5 : 4.