[ISC] Q. 44 Solution of Admission of Partner TS Grewal Accounts Class 12 (2024-25)

Solution to Question number 44 of the Admission of partner chapter 3 of TS Grewal Book 2024-25 Edition ISC/CISCE Board.

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:-

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

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1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
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11	Question – 11
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80	Question – 80

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81	Question – 81
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86	Question – 86
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88	Question – 88
89	Question – 89