[CBSE] Q. 25 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 25 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings ₹ 30,000 as capital and ₹ 10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at ₹ 3,000. New Profit sharing ratio of the partners will be 5 : 3 : 2. Pass necessary Journal entries.
[Ans.: (I) Dr. A’s Capital A/c by ₹ 1,800 and B’s Capital A/c by ₹ 1,200; Cr. Goodwill A/c by ₹ 3,000. (ii) Dr. Bank A/c by ₹ 40,000; Cr. C’s Capital A/c by ₹ 30,000 and Premium for Goodwill A/c by ₹ 10,000. (iii) Dr. Premium for Goodwill A/c by ₹ 10,000; Cr. A’s Capital A/c and B’s Capital A/c by ₹ 5,000 each in their Sacrificing Ratio – 1 : 1.]
Solution:-
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