[CBSE] Q. 27 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 27 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Ram and Mohan are partners in a firm sharing profits in the ratio of 3 : 2. on 1st April, they admit Sohan as a partner for 1/4th share in the profits. Sohan contributed following assets towards his capital and for his share of goodwill.

Stock ₹ 60,000; Debtors ₹ 80,000; Land ₹ 1,00,000, Plant and Machinery ₹ 40,000.

On the date of admission of Sohan, the goodwill of the firm was valued at ₹ 6,00,000.

Pass necessary Journal entries in the books of the firm on Sohan’s admission if:

i) Partners do not withdraw the share of goodwill.

ii) Partners withdraw half of their share of goodwill.

[Ans.: (I) Goodwill brought by Sohan – ₹ 1,50,000 and Capital – ₹ 1,30,000; Share in Goodwill; Ram – ₹ 90,000; Mohan – ₹ 60,000. (ii) Goodwill withdrawn; Ram – ₹ 45,000; Mohan – ₹ 30,000.]

Solution:-

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