[CBSE] Q. 32 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 32 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

On the admission of Rao, goodwill of Murty and Shah is valued at ₹ 30,000. Rao is to get 1/4th share of profits. Previously Murty and Shah shared profits in the ratio of 3 : 2. Rao is unable to bring amount of goodwill. Give Journal entries in the books of Murty and Shah when:

a) Goodwill does not exist in the books

b) Goodwill exists in the books at ₹ 10,000.

[Ans.: (a) Dr. Rao’s Current A/c by ₹ 7,5000; Cr. Murty’s Capital A/c by ₹ 4,500 and Shah’s Capital A/c by ₹ 3,000. (b) (I) Dr. Murty’s Capital A/c by ₹ 6,000 and Shah’s Capital A/c by ₹ 4,000; Cr. Goodwill A/c by ₹ 10,000. (ii) Dr. Rao’s Current A/c by ₹ 7,500; Cr. Murty’s Capital A/c by ₹ 4,500 and Shah’s Capital A/c by ₹ 3,000.]

Solution:-

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