[CBSE] Q. 37 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 37 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

X and Y are partners with capitals of ₹ 50,000 each. They admit Z as a partner for 1/4th share in the profits of the firm. Z brings in ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Z.

Give necessary Journal entries to record the goodwill.

[Ans.: Hidden Goodwill – ₹ 1,00,000.]

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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