[CBSE] Q. 28 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 28 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A and B are partners in a business sharing profits and losses in the ratio of 1/3rd and 2/3rd. On 1st April, 2022, their capitals were ₹ 8,000 and ₹ 10,000 respectively. On that date, they admit C in partnership and give him 1/4th share in the future profits. C brings ₹ 8,000 as his capital and ₹ 6,000 as goodwill. The amount of goodwill is withdrawn by the old partners in cash. Pass the Journal entries and show the capital accounts of all the partners. Calculate proportion in which partners would share profits and losses in future.

[Ans.: New Ratio – 1 : 2 : 1; Capital A/cs: A – ₹ 8,000; B – ₹ 10,000; C – ₹ 8,000.]

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

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