[CBSE] Q. 35 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 35 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,000 and ₹ 2,40,000 respectively. They admitted Charu as a new partner for 1/4th share in the profits of the firm on 1st April 2012. Charu brought ₹ 3,20,000 as her share of capital.

Calculate value of goodwill and record necessary Journal entries.

[Ans.: (I) Dr. Bank A/c and Cr. Charu’s Capital A/c by ₹ 3,20,000; (ii) Dr. Charu’s Current A/c by ₹ 1,00,000; Cr. Anil’s Current A/c by ₹ 50,000 and Sunil’s Current A/c by ₹ 50,000. Hidden Goodwill by ₹ 4,00,000.]

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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