[ISC] Q. 58 Solution of Admission of Partner TS Grewal Accounts Class 12 (2023-24)
Solution to Question number 58 of the Admission of partner chapter 3 of TS Grewal Book 2023-24 Edition ISC/CISCE Board.
Aamir, Salman and Ranbir were in partnership sharing profits and losses in the ratio of 6 : 3 : 1. Their fixed capitals as on 31st March, 2023 were: Aamir – ₹ 3,00,000, Salman – ₹ 1,50,000 and Ranbir – ₹ 50,000. They admit Irfan into partnership with effect from 1st April, 2023. The new profit sharing ratio among the partners will be 3 : 3 : 3 : 1. They also decide to record the effect of the following without affecting their book values, by passing an adjustment entry:
| General Reserve | 30,000 |
| Contingency Reserve | 5,000 |
| Profit & Loss A/c (Dr.) | 15,000 |
| Advertising Suspense A/c (Dr.) | 20,000 |
Pass the necessary adjustment entry.
Solution:-
