[ISC] Q. 30 Solution of Admission of Partner TS Grewal Accounts Class 12 (2024-25)

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Solution to Question number 30 of the Admission of partner chapter 3 of TS Grewal Book 2024-25 Edition ISC/CISCE Board.

James and Thomas are partners in a firm sharing profits and losses in the ratio of 3 : 1. They admit Michael as a partner for 1/3rd share in the profits of the firm. He brings ₹ 15,000 in cash for his share of goodwill. As between themselves, James and Thomas agree to share future profits and losses equally. The amount of goodwill is withdrawn by the concerned partners to the extent of 40% of what is credited to them.

Pass Journal entries showing the appropriation of the premium money.

Solution:-

Here is the list of all Solutions of Admission of Partners of TS Grewal class 12 ISC Board 2024-25.

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

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