[CBSE] Q. 23 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 23 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A and B are in partnership sharing profits and losses in the ratio of 5 : 3. C is admitted as a partner who pays ₹ 40,000 as capital and the necessary amount of goodwill which is valued at ₹ 60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B.

Pass Journal entries and also calculate future profit sharing ratio of the partners.

[Ans.: New Profit Sharing Ratio – 21 : 11 : 8.]

Solution:-

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