[ISC] Q. 25 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 25 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.
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.
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