DK Goel Solutions Q 83 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]
Step-by-step solution of Question 83, Chapter 3 Admission of a Partner, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 83
A, B and C are partners in a firm sharing profits in the ratio of 3 : 2 : 1 with Capitals of ₹ 70,000; ₹ 60,000 and ₹ 40,000 respectively. D is admitted in the firm for ¼ th share in profits, which he acquires ⅛th from A and ⅛th from B. D brings in ₹ 60,000 as his capital and ₹ 32,000 for his share of goodwill in cash. 3/4th of the amount of goodwill was withdrawn by A and B. The Capitals of the partners in the new firm are to be adjusted in profit sharing ratio on the basis of D’s capital and excess or deficit capital to be adjusted in cash.
Prepare necessary journal entries, Capital Accounts of the partner’s and Cash Account.
Solution
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About this solution
This is Chapter 3 Admission of a Partner of DK Goel For 2024 Examinations.
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 CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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