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

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

Adil and Bhavya are partners sharing profits and losses in the ratio of 7 : 5. They admit Cris, their Manager, into partnership who is to get 1/6th share in the business. Cris brings ₹ 1,00,000 for his capital and ₹ 36,000 for the 1/6th share of goodwill which he acquires 1/24th from Adil and 1/8th from Bhavya. Profit for the first year of the new partnership was ₹ 2,40,000. Pass necessary Journal entries for Cris’s admission and apportion the profit between the partners.

[Ans.: Share of Profit: Adil – ₹ 1,30,000; Bhavya – ₹ 70,000; Cris – ₹ 40,000.]

Solution:-

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