[ISC] Q. 45 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 45 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Atul and Abhay are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Akash as a new partner for 1/4th share. At the time of admission of Akash, Stock (Book Value ₹ 1,00,000) is to be reduced by 40% and Furniture (Books Value ₹ 60,000) is to be reduced to 40%. Pass the necessary Journal entries.

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