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

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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

LiabilitiesAssets
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
3,50,0003,50,000

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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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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