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

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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:

LiabilitiesAssets
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
1,20,0001,20,000

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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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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