[ISC] Q. 40, 41, 42 Solution of Admission of Partner TS Grewal Accounts Class 12 (2026-27)
Solution to Question number 40, 41, 42 of the Admission of partner chapter 3 of TS Grewal Book 2026-27 Edition ISC/CISCE Board?
Q. 40. Abek and Aman are partners sharing profits and losses in the ratio of 3 : 1. They admit Anand as partner who pays ₹ 30,000 as capital. Anand is to bring cash for his share of goodwill. The new ratio is to be 3 : 1 : 1. Goodwill of the firm is to be based on 3 year’s purchase of the average of 4 year’s profits which were ₹ 15,000; ₹ 12,000; ₹ 18,000 and ₹ 19,000. Goodwill Account exists in the books at ₹ 4,000. Pass necessary Journal entries.
Solution:-
Q. 41. Divya and Yasmin are partners sharing profits in the ratio of 3: 1. They admit Fatima as a partner for 1/4th share. Goodwill of the firm is valued at 1,20,000. Fatima brought 40% of her share of goodwill and 1,00,000 as her capital in cash.
Pass the necessary Journal entries assuming that the capitals are fixed and goodwill exists in the books at ₹ 40,000.
Solution:-
Q. 42. Jaspal and Rosy are partners in a firm sharing profits and losses in the ratio of 2 : 1. Following is their Balance sheet as at 1st April, 2023:
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs: Jaspal Rosy | 10,00,000 4,00,000 | Goodwill | |
| Sundry Creditors | 1,20,000 | Furniture | 60,000 |
| Bills Payable | 80,000 | Machinery | 40,000 |
| Building | 4,20,000 | ||
| Debtors | 3,60,000 | ||
| Cash at Bank | 2,40,000 | ||
| 16,00,000 | 16,00,000 |
On 1st April, 2024, they admitted Noor as a new partner on the following terms:
(i) New Profit-Sharing ratio is agreed at 2 : 2 : 1.
(ii) Noor will bring in ₹ 10,00,000 as his share of capital and the necessary amount of premium for goodwill in cash.
(iii) Firm’s Goodwill on Noor’s admission be valued at ₹ 6,00,000.
Pass the necessary Journal entries, prepare the Partner’s Capital Accounts and Balance Sheet of the reconstituted firm.
Solution:-
