[ISC] Q. 58 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 58 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Nikunj and Subodh are partners in a firm sharing profits in the ratio of 3: 2.
| Liabilities | ₹ | Assets | ₹ |
| Workmen Compensation Reserve | 6,000 |
Additional information:
(a) On 1st April, 2026, they admit Ajay as a partner. Future profits to be shared equally.
(b) Workmen Compensation Reserve to be reduced to4,500 in the reconstituted firm.
You are required to give the accounting treatment of Workmen Compensation Reserve on the date of Ajay’s admission.
Solution:-
