[ISC] Q. 13, 14, 15 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 13, 14, 15 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Gaurav and Anshul are partners sharing profits and losses in the ratio of 4 : 1. They admit Chhaya into partnership and decide that the profit sharing ratio between Anshul and Chhaya shall be same as between Gaurav and Anshul. Calculate new profit sharing ratio and the sacrificing ratio.
Solution:-
Kriti and Atif are partners sharing profits and losses equally. On 31st March, 2024, they admit David as a partner for 1/5 share in the profits.
It is decided that on David’s admission:
(i) Atif would retain his original share.
(ii) Goodwill will be valued by the super profit method on the basis of the following information:
BALANCE SHEET OF KRITI AND ATIF (AN EXTRACT)
as at 31st March, 2024
| Liabilities | ₹ | Assets | ₹ |
| General Reserve | 25,000 | Current A/c: Atif | 10,000 |
| Capital A/cs: Kriti Atif | 2,50,000 1,75,000 | ||
| Current A/c: Kriti | 40,000 |
(b) The normal rate of return is 12% per annum.
(c) Average profits of the firm for last four years are * 74,000.
You are required to calculate:
(i) The Sacrificing Ratio of the partners.
(ii) The value of Goodwill of the firm at four years’ purchase of the Super Profit.
(ISC Specimen Question Paper 2025)
Solution:-
Atul and Hema are partners sharing profits and losses in the ratio of 1: 3. On 1st April, 2022, they admit Sajid as a partner. Atul gives 1/4 of his share to Sajid while Hema gives him 3/16 from her share.
On the date of Sajid’s admission, the assets of a firm, including its non-trade investments of 10,000, are 1,70,000. The average profit of the firm is 16,000 and its goodwill, by capitalising the average profit, is ₹ 60,000. The normal rate of return of the business is 10%.
You are required to:
(i) Calculate Sajid’s share of profits in the business.
(ii) Give the formula for calculating the value of Goodwillby the Capitalisation of Average Profit Method.
(iii) Calculate the amount of outside liabilities of the firm.
Solution:-
