[CBSE] Q 67 DK Goel Admission of a Partner Solutions Class 12 (2024-25)
The solution of Question number 67 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)
Q. 67. Asin and Shreya are partners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings ₹ 5,00,000 as his share of capital. The value of the total assets of the firm was ₹ 15,00,000 and outside liabilities were valued at ₹ 5,00,000 on that date. Give the necessary Journal entry to record goodwill at the time of Ajay’s admission. Also show your workings.
[Ans. Hidden Goodwill ₹ 10,00,000; Ajay’s Current Account will be debited by ₹ 2,00,000 and Capital Accounts of Asin and Shreya will be credited by ₹ 1,00,000 each.]
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