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[ISC] Q. 40 Solution of Admission of Partner TS Grewal ISC 2023-24 Edition

Question 40 of 89Chapter 3Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 40, Chapter 3 Admission of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 40

Yogesh, Mahesh and Ashish are partners sharing profits and losses in the ratio of 1 : 2 : 3. Nirdosh is admitted as a partner who brings ₹ 50,000 as his capital for 1/5th share in the profit. Goodwill of the firm is to be valued at an average of the last three financial years profits which were ₹ 62,500; ₹ 70,000 and ₹ 92,500 respectively. Nirdosh is unable to bring his share of premium for goodwill.

Give Journal entries if goodwill already appears in the books at ₹ 60,000.

TS Grewal Class 12 Admission of Partner Question 40

Solution

Solution of Q 40 Admission of Partner TS Grewal 2023-24 part 1
Solution of Q 40 Admission of Partner TS Grewal 2023-24 part 2
Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo
Solution of Q 40 Admission of Partner TS Grewal 2023-24 part 3
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About this solution

This is Chapter 3 Admission of a Partner of ISC TS Grewal Edition 2023-24.

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.

Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.

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