[ISC] Q. 63 Solution of Admission of Partner TS Grewal Accounts Class 12 (2024-25)

Solution to Question number 63 of the Admission of partner chapter 3 of TS Grewal Book 2024-25 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:-

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

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