[CBSE] Q. 41 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 41 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Question – 41

Chintan and Ayush are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted Sudha as a new partner for 1/10th share in profits. Sudha brings ₹ 40,000 as premium for goodwill out of his share of ₹ 70,000. Goodwill already appears in the books at ₹ 40,000.

Pass the necessary Journal entries to record this arrangement in the follow will two cases:

Case – 1. When the unpaid share of goodwill is adjusted through New Partners’ Current A/c

Case – 2: When goodwill is raised for the amount not brought by the new partner and is also written off.

Solution:-

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