[CBSE] Q. 33 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 33 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A, B and C are in partnership sharing profits in the ratio of 5 : 4 : 1. Two new partners D and E are admitted and the new profit sharing ratio is 3 : 4 : 2 : 2 : 1. D is to pay ₹ 90,000 for his share of Goodwill but E is unable to bring his share of goodwill. Both the new partners introduced ₹ 1,20,000 each as their capital. You are required to pass the necessary Journal entries.

[Ans.: (I) Sacrificing Ratio between A and B = 15 : 4. Since C is gaining 4/60th share in the profits, he will also compensate A and B proportionately (i.e., ₹ 5,40,000 × 4/60 = ₹ 36,000). (ii) For Adjustment of Goodwill: Dr. C’s Capital A/c by ₹ 36,000; E’s Current A/c by ₹ 45,000 and Premium for Goodwill A/c by ₹ 90,000; Cr. A’s Capital A/c by ₹ 1,35,000 and B’s Capital A/c by ₹ 36,000.]

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 for free lectures

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