[CBSE] Q. 60 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 60 of the Admission of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as follows:

Balance Sheet as at 31st March, 2023

Liabilities	₹	Assets	₹
Reserve J’s Capital K’s Capital	1,00,000 1,50,000 1,00,000	Cash Other Assets	2,00,000 1,50,000
	3,50,000		3,50,000

M joins the firm from 1st April, 2023 for half share in the future profits. He is to pay ₹ 1,00,000 as goodwill and ₹ 3,00,000 for capital. Draft the Journal entries and prepare Balance Sheet in each of the following cases:

(a) If M gets his share of profits in the profit-sharing ratio of the old partners.

(b) If M gets his share of profits in equal proportion from the old partners.

(c) If M gets his share of profits in the ratio of 3 : 1 from the old partners, determine the future profit sharing ratio of the partners in each case.

Solution:-

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