[ISC] Q. 25, 26, 27 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 25, 26, 27 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Q. 25. James and Thomas are partners in a firm sharing profits and losses in the ratio of 3 : 1. They admit Michael as a partner for 1/3rd share in the profits of the firm. He brings ₹ 15,000 in cash for his share of goodwill. As between themselves, James and Thomas agree to share future profits and losses equally. The amount of goodwill is withdrawn by the concerned partners to the extent of 40% of what is credited to them.
Pass Journal entries showing the appropriation of the premium money.
Solution:-
Q. 26. Sachin and Kapil are partners sharing profits and losses in the ratio of 2 : 3. On 1st April, 2024, they admit Amit into partnership for 1/4th share in profits. Amit brought ₹ 2,00,000 for his capital and ₹ 36,000 as premium for his share in the profits. The new profit sharing ratio of Sachin, Kapil and Amit is agreed to be 3 : 3 : 2. Sachin Kapil withdraw the premium for goodwill from the business.
Pass necessary Journal entries when the firm follows Fixed Capital Accounts Method.
Solution:-
Q. 27. Ajay and Alok are partners sharing profits and losses in the ratio of 2 : 1. They admit Anil, their Manager, into partnership who is to get 1/3rd share in the business. Anil brings ₹ 10,000 for his capital and ₹ 3,000 for 1/3rd share of goodwill. Ajay, Alok and Anil agree to share future profits equally. The amount of goodwill is withdrawn from the business.
Make necessary Journal entries in connection with Anil’s admission.
Solution:-
