[ISC] Q. 80 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 80 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Kamal and Vinay are partners in a firm sharing profits and losses in the ratio of 3:2.
On 1st April, 2026, they admit Dhaval for 1/5 share in the profits. On the date of Dhaval’s admission:
(a) Capitals of Kamal and Vinay were: 40,000 and 30,000 respectively.
(b) Advertisement Suspense Account had a balance of 6,000.
(c) Goodwill of 4,000 existed in the books.
(d) Sundry Creditors existed of 15,000 out of which 5,000 were paid by Kamal for which he was not to be reimbursed.
(e) Furniture of 2,000 was taken by Vinay at its book value.
(f) Goodwill of the firm was valued at 25,000.
(g) Dhaval contributed 1/4 of the combined capital of Kamal and Vinay and his share of goodwill in cash.
You are required to prepare Partners’ Capital Accounts.
Solution:-
