[ISC] Q. 38 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

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Solution to Question number 38 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Vidya and Jyoti sharing profits equally admit Kalam for 1/5th share in profits. Kalam pays ₹ 50,000 for goodwill out of his share of ₹ 90,000. Goodwill exists in the Balance Sheet at ₹ 1,60,000. Pass Journal entries.

Solution:-

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