[ISC] Q. 17 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 17 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Piyush and Deepika are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Seema as a partner for 1/5th share. Seema takes her share from Piyush and Deepika in the ratio of 2 : 3. Goodwill of the firm has been valued at ₹ 50,000. Seema paid ₹ 10,000 privately to Piyush and Deepika as her share of goodwill. What will be the Journal entry in the books of the firm?

Solution:-

No Entry is passed for Privately paid premium for goodwill