[ISC] Q. 37, 38, 39 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 37, 38, 39 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Q. 37. Anuj and Vinod are partners in a firm. They admit Samar as a partner for 1/4th share in the profits of the firm. Samar brings ₹ 5,00,000 as his capital. The value of the total assets of the firm is ₹ 13,50,000 and outside liabilities are valued at ₹ 2,50,000 on that date. Calculate Samar’s share of goodwill.
Solution:-
Q. 38. Balance Sheet as at 31st March, 2023 of Sonam and Shilpa sharing profits in the ratio of 3 : 2 was:
| Liabilities | ₹ | Assets | ₹ |
| Sundry Creditors | 1,79,000 | Cash at Bank | 59,000 |
| Bills Payable | 1,20,000 | Sundry Debtors | 60,000 |
| Reserves | 50,000 | Stock | 70,000 |
| Profit & Loss A/c | 11,000 | Advertisement Expenditure (Deferred Revenue) | 1,000 |
| Sonam’s Capital | 30,000 | Fixed Assets | 2,20,000 |
| Shilpa’s Capital | 20,000 | ||
| 4,10,000 | 4,10,000 |
They admit Samay as a partner on 1st April, 2024 for 1/4th share in the profits of the firm. Samay brings ₹ 50,000 as his capital.
Give necessary Journal entry to record the goodwill.
Solution:-
Q. 39. Vidya and Jyoti sharing profits equally admit Kalam for 1/5th share in profits. Kalam pays ₹ 50,000 for goodwill out of his share of ₹ 90,000. Goodwill exists in the Balance Sheet at ₹ 1,60,000. Pass Journal entries.
Solution:-
