[ISC] Q. 27 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 27 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Ajay and Alok are partners sharing profits and losses in the ratio of 2 : 1. They admit Anil, their Manager, into partnership who is to get 1/3rd share in the business. Anil brings ₹ 10,000 for his capital and ₹ 3,000 for 1/3rd share of goodwill. Ajay, Alok and Anil agree to share future profits equally. The amount of goodwill is withdrawn from the business.

Make necessary Journal entries in connection with Anil’s admission.

Solution:-