[ISC] Q. 19, 20, 21 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 19, 20, 21 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Q. 19. Rita and Nita are partners sharing profits and losses in the ratio of 2 : 5. They admit, Madhuri on the condition that she will bring ₹ 14,000 as her share of goodwill in cash. Madhuri’s share in future profits or losses will be 1/4th. What will be new profit sharing ratio and what amount of goodwill brought by Madhuri will be received by Rita and Nita?
Solution:-
Q. 20. Veena and Soma are partners in a firm. They admit Sara on 1st April, 2022, for 1/4 share in the profits of the firm.
On an average, the profits earned by Veena and Soma are * 21,000. The average capital employed by the firm is ₹ 1,50,000. The normal rate of return in the industry is 10%.
It is decided to value goodwill on the basis of four years’ purchase of profits in excess of profits @ 10% on the money invested.
You are required to:
(i) Calculate Goodwill of the firm.
(ii) Pass the Journal entries in the books of the firm if Sara brings into the firm her share of goodwill in cash.
Solution:-
Q. 21. Seerat and Manbir are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Anya is admitted. Seerat surrenders 1/5th of her share and Manbir 2/5th of his share in favour of Anya. For the purpose of Anya’s admission, goodwill of the firm is valued at ₹ 75,000 and Anya brings her share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions.
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