[ISC] Q. 20 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 20 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Bharat and Bhushan are partners in a firm sharing profits in the ratio of 2 : 1. On 1st April, 2023, their capitals are ₹ 2,00,000 and ₹ 1,00,000 respectively. On that date, they admitted Smriti as a partner for 1/5th share in profits. New profit sharing ratio of Bharat, Bhushan and Smriti will be 3 : 1 : 1. Smriti brought ₹ 80,000 as her capital and ₹ 30,000 as her share of premium for goodwill.

Pass Journal entries and prepare Capital Accounts of all the Partners.

Solution:-