[CBSE] Q. 31 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 31 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partners in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings 60% of his share of the firm’s goodwill. Goodwill of the firm was valued at ₹ 1,00,000. Pass necessary Journal entries to record this arrangement.

[Ans.: (I) Dr. Bank A/c and Cr. Premium for Goodwill A/c by ₹ 15,000. (ii) Dr. Premium for Goodwill A/c by ₹ 15,000; Cr. A’s Capital A/c by ₹ 10,000 and B’s Capital A/c by ₹ 5,000. (iii) Dr. C’s Current A/c by ₹ 10,000; Cr. A’s Capital A/c by ₹ 6,667 and B’s Capital A/c by ₹ 3,333.]

Solution:-

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