[CBSE] Q. 59 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 59 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A and B are carrying on business in partnership and sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 stood as:

Liabilities	₹	Assets	₹
Creditors General Reserve A’s Capital B’s Capital	11,800 20,000 51,450 36,750	Cash Stock Debtors Furniture Machinery Goodwill	1,500 28,000 19,500 2,500 48,500 20,000
	1,20,000		1,20,000

They admit C into partnership on 1st April, 2023 and give him 1/8th share in future profits on the following terms:

(a) Goodwill of the firm be valued at twice the average of the last three year’s profits which amounted to ₹ 21,000; ₹ 24,000 and ₹ 25,560.

(b) C is to bring cash for the amount of his share of goodwill.

(c) C is to bring cash ₹ 15,000 as his capital.

Pass Journal entries recording these transactions, draw out the Balance Sheet of the new firm and determine new profit sharing ratio.

[Ans.: Balance Sheet Total – ₹ 1,20,880; New Profit Sharing Ratio – 21 : 14 : 5.]

Solution:-

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