[CBSE] Q. 27 Solution of Admission of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 27 of the Admission of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board?

Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at ₹ 4,40,000. Raja was admitted to the partnership. New profit sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1.

Raja brought ₹ 1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at ₹ 2,50,000.

Record necessary Journal entries in the books of the firm for the above transactions.

[Ans.: (I) Dr. Anu’s Capital A/c by ₹ 3,30,000 and Bhagwan’s Capital A/c by ₹ 1,10,000; Cr. Goodwill A/c by ₹ 4,40,000; (ii) Dr. Bank A/c by ₹ 1,50,000; Cr. Raja’s Capital A/c by ₹ 1,00,000 and Premium for Goodwill A/c by ₹ 50,000; (iii) Dr. Bhagwan’s Capital A/c by ₹ 37,500 and Premium for Goodwill A/c by ₹ 50,000; Cr. Anu’s Capital A/c by ₹ 87,500.]

Solution:-

Here is the list of all Solutions of Admission of Partners of TS Grewal class 12 CBSE 2024-25.

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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 and can download the Android & ios app for free lectures.

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