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

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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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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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