[CBSE] Q. 19 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 19 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Kailash is admitted. Vimal gives 1/5th of his share and Nirmal gives 2/5th of his share in favour of Kailash. For the purpose of Kailash’s admission, goodwill of the firm is valued at ₹ 75,000 and Kailash brings his share of goodwill in cash which is retained in the business. Journalise the above transactions.

[Ans.: New Ratio – 12 : 6 : 7; Sacrificing Ratio – 3 : 4; Kailash’s Share of Goodwill – ₹ 21,000 (₹ 75,000 × 7/25); (I) Dr. Bank A/c and Cr. Premium for Goodwill A/c by ₹ 21,000; (ii) Dr. Premium for Goodwill A/c by ₹ 21,000; Cr. Vimal’s Capital A/c by ₹ 9,000 and Nirmal’s Capital A/c by ₹ 12,000.]

Solution:-

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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