[ISC] Q. 19 Solution of Admission of Partner TS Grewal Accounts Class 12 (2024-25)

Solution to Question number 19 of the Admission of partner chapter 3 of TS Grewal Book 2024-25 Edition ISC/CISCE Board.

Emmie and Florence are partners sharing profits and losses in the ratio of 4 : 1. Glen is admitted as a partner for which he pays ₹ 10,000 as premium for goodwill and in future Emmie, Florence and Glen decide to share profits and losses in the ratio of 2 : 1 : 1 respectively.

Pass necessary Journal entries in the books of the firm.

Solution:-