[ISC] Q. 74 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 74 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Amay and Sujoy are partners sharing profits and losses in the ratio of 3: 1. Their Balance Sheet as at 31st March, 2023, is given below.
| Liabilities | ₹ | Assets | ₹ |
| Bills Payable | 70,000 | Land and Building | 1,65,000 |
| Capital Accounts: Amay Sujoy | 1,30,000 1,25,000 | Stock | 60,000 |
| Sundry Debtors 70,000 Less: PDD 10,000 | 60,000 | ||
| Cash in Hand | 40,000 | ||
| 3,25,000 | 3,25,000 |
On 1st April, 2023, they admit Malay as a new partner for 1/4 share in the profits on the following terms:
(a) Malay to bring his share of capital of 1,20,000 and to pay 10,000 in cash for his share of goodwill.
(b) Stock worth 45,000 to be taken over by Amay at 25,000.
(c) Bills payable of 20,000 to be honoured by Sujoy, for which he is not to be reimbursed.
(d) The capitals of Amay and Sujoy to be adjusted on the basis of Malay’s Capital and his share in the
profits, any surplus to be readjusted through Current Account and deficiency through cash.
You are required to prepare the Partners’ Capital Accounts.
Solution:-
