[ISC] Q. 34 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 34 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Reema and Seema are partners with capitals of ₹ 50,000 each. They admit Sam as a partner with 1/4th share in the profits of the firm. Sam brings ₹ 80,000 as his share of capital. Profit and Loss Account showed a credit balance of ₹ 40,000 as on date of admission of Sam. Pass necessary Journal entries to record the goodwill.

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