[CBSE] Q. 30 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 30 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A and b are partners sharing profits in the ratio of 2 : 1. They admit C for 1/4th share in profits. C brings in ₹ 30,000 for his capital and ₹ 8,000 out of his share of ₹ 10,000 for goodwill. Before admission, goodwill existed in the books at ₹ 18,000. Pass Journal entries to give effect to the above arrangement.

[Ans.: (I) Dr. A’s Capital A/c by ₹ 12,000 and B’s Capital A/c by ₹ 6,000; Cr. Goodwill A/c by ₹ 18,000. (ii) Dr. Bank A/c by ₹ 38,000; Cr. C’s Capital A/c by ₹ 30,000 and Premium for Goodwill A/c by ₹ 8,000. (iii) Dr. Premium for Goodwill A/c by ₹ 8,000 and C’s Current A/c by ₹ 2,000; Cr. A’s Capital A/c by ₹ 6,667 and B’s Capital A/c by ₹ 3,333.]

Solution:-

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