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

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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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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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