[ISC] Q. 58 Solution of Admission of Partner TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 58, Chapter 3 Admission of a Partner, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 58
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 (Cr.) ₹ 15,000;
- Advertising Suspense A/c (Dr.) ₹ 20,000.
Pass the necessary adjustment entry.
Solution
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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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