[ISC] Q. 53 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)

Solution to Question number 53 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.

Shabir and Jiwan are partners in a firm sharing profits and losses in the ratio of 3 : 2. Joy was admitted for 1/3rd share in the profits. On the date of Joy’s admission, Balance Sheet of Shabir and Jiwan showed General Reserve of ₹ 1,60,000 and a balance of ₹ 1,20,000 in Profit & Loss Account on assets side of the Balance Sheet. Pass necessary Journal entries on the treatment of these items on Joy’s admission.

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