[ISC] Q. 22, 23, 24 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 22, 23, 24 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Q. 22. Following is the Balance Sheet as at 1st April, 2024 of Sushil and Satish who are in partnership sharing profits and losses in the ratio of 5 : 2.
| Liabilities | ₹ | Assets | ₹ | |
| Bank Loan Sundry Creditors Capital A/cs: Sushil Satish | 23,000 55,000 48,000 42,000 | Bank Stock Debtors Less: Provision for Doubtful Debts Plant and Machinery Building | 18,300 300 | 6,000 12,000 18,000 30,000 1,02,000 |
| 1,68,000 | 1,68,000 |
On that date, they admit Samir as a partner on the following terms:
(I) Samir will bring ₹ 60,000 for his capital and the necessary amount of goodwill/premium in cash for 3/8th share in the future profits.
(ii) Goodwill of the firm on Samir’s admission was valued at ₹ 84,000.
(iii) New Profit sharing ratio will be 2 : 3 : 3.
Pass necessary Journal entries to record the above transactions and prepare Balance Sheet of the firm after Samir’s admission as a partner.
Solution:-
Q. 23. Pankaj and Lalit are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2023, they admit Jatinder as a partner for 1/4th share in the profits.
Jatinder contributed following assets towards his capital and for his share of goodwill:
Stock ₹ 60,000; Debtors ₹ 80,000; Land ₹ 1,00,000; Plant and Machinery ₹ 40,000.
On the date of admission of Jatinder, goodwill of the firm was valued at ₹ 6,00,000.
Record necessary Journal entries in the books of the firm on Jatinder’s admission.
Solution:-
Q. 24. Sharan and Angad are partners in a firm sharing profits and losses in the ratio of 3 : 2.
On 1st April, 2022, they admit Akhil as a partner for 1/5 share in the profits. Akhil acquires 1/5 of his share from Sharan and the balance from Angad.
On the date of Akhil’s admission, goodwill of the firm was valued at ₹ 90,000.
Akhil contributed following assets towards his capital and his share of goodwill.
| Particulars | ₹ |
| Cash | 60,000 |
| Debtors (less Provision for Doubtful Debts) | 20,000 |
| Land and Building | 1,00,000 |
| Plant and Machinery | 80,000 |
you are required to:
(i) Calculate the sacrificing ratio of the partners.
(ii) Pass the necessary Journal entries on Akhil’s admission, ascertaining Akhil’s capital contributed and assuming that he brings into the firm his share of goodwill in cash/kind.
[ISC Specimen Question Paper 2024)
Solution:-
