[ISC] Q. 21 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 21 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Rita and Nita are partners sharing profits and losses in the ratio of 2 : 5. They admit, Madhuri on the condition that she will bring ₹ 14,000 as her share of goodwill in cash. Madhuri’s share in future profits or losses will be 1/4th. What will be new profit sharing ratio and what amount of goodwill brought by Madhuri will be received by Rita and Nita?

Solution:-