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Category [ISC} TS Grewal Solutions

[ISC} TS Grewal Solutions 233 Questions

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0 Votes 1 Ans

Nidhi and Preeti are partners sharing profits and losses in the ratio of 3 : 2. They admit Gurman into the firm for 1/4th share in profits which he gets 1/6th from Nidhi and 1/12th from Preeti. Gurman brings in 60% of his share of firm’s goodwill. Goodwill of the firm is valued at ₹ 1,00,000. Pass necessary Journal entries to record this arrangement.

2.77K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

James and Thomas are partners in a firm sharing profits and losses in the ratio of 3 : 1. They admit Michael as a partner for 1/3rd share in the profits of the firm.

2.31K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Rao and Reddy are in partnership sharing profits and losses in the ratio of 5 : 3. Kutty is admitted as a partner paying ₹ 40,000 as capital and the necessary amount of goodwill which is valued at ₹ 60,000 for the firm.

2.36K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ajay and Alok are partners sharing profits and losses in the ratio of 2 : 1. They admit Anil, their Manager, into partnership who is to get 1/3rd share in the business. Anil brings ₹ 10,000 for his capital and ₹ 3,000 for 1/3rd share of goodwill. Ajay, Alok and Anil agree to share future profits equally. The amount of goodwill is withdrawn from the business. Make necessary Journal entries in connection with Anil’s admission.

2.02K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Sachin and Kapil are partners sharing profits and losses in the ratio of 2 : 3. On 1st April, 2023, they admit Amit into partnership for 1/4th share in profits. Amit brought ₹ 2,00,000 for his capital and ₹ 36,000 as premium for his share in the profits.

2.62K viewsAnurag Pathak Changed status to publish June 28, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Pankaj and Lalit are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2023, they admit Jatinder as a partner for 1/4th share in the profits.

2.26K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Following is the Balance Sheet as at 1st April, 2023 of Sushil and Satish who are in partnership sharing profits and losses in the ratio of 5 : 2.

2.61K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Seerat and Manbir are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Anya is admitted. Seerat surrenders 1/5th of her share and Manbir 2/5th of his share in favour of Anya. For the purpose of Anya’s admission, goodwill of the firm is valued at ₹ 75,000 and Anya brings her share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions.

2.25K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Divya and Neha are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Angad into partnership for 1/5th share, Angad brings ₹ 30,000 as capital and ₹ 10,000 as goodwill. At the time of admission of Angad, goodwill exists in the Balance Sheet at ₹ 3,000. New Profit sharing ratio of the partners shall be 5 : 3 : 2. Pass the necessary entries.

2.76K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Rita and Nita are partners sharing profits and losses in the ratio of 2 : 5. They admit, Madhuri on the condition that she will bring ₹ 14,000 as her share of goodwill in cash. Madhuri’s share in future profits or losses will be 1/4th. What will be new profit sharing ratio and what amount of goodwill brought by Madhuri will be received by Rita and Nita?

2.21K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Bharat and Bhushan are partners in a firm sharing profits in the ratio of 2 : 1. On 1st April, 2023, their capitals are ₹ 2,00,000 and ₹ 1,00,000 respectively. On that date, they admitted Smriti as a partner for 1/5th share in profits. New profit sharing ratio of Bharat, Bhushan and Smriti will be 3 : 1 : 1. Smriti brought ₹ 80,000 as her capital and ₹ 30,000 as her share of premium for goodwill. Pass Journal entries and prepare Capital Accounts of all the Partners.

2.72K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Emmie and Florence are partners sharing profits and losses in the ratio of 4 : 1. Glen is admitted as a partner for which he pays ₹ 10,000 as premium for goodwill and in future Emmie, Florence and Glen decide to share profits and losses in the ratio of 2 : 1 : 1 respectively. Pass necessary Journal entries in the books of the firm.

2.68K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Piyush and Deepika are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Seema as a partner for 1/5th share. Seema takes her share from Piyush and Deepika in the ratio of 2 : 3. Goodwill of the firm has been valued at ₹ 50,000. Seema paid ₹ 10,000 privately to Piyush and Deepika as her share of goodwill. What will be the Journal entry in the books of the firm?

1.57K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Pawan and Ajitesh are partners sharing profits in the ratio of 3 : 2. They admit Ridhima, a new partner who acquires 1/5th of her share from Pawan and 4/25th share from Ajitesh. Calculate New Profit sharing Ratio and Sacrificing Ratio.

2.68K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Gaurav and Anshul are partners sharing profits and losses in the ratio of 4 : 1. They admit Chhaya into partnership and decide that the profit sharing ratio between Anshul and Chhaya shall be same as between Gaurav and Anshul. Calculate new profit sharing ratio and the sacrificing ratio.

2.44K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Xena and Yana are partners in a firm. Zeesha is admitted as a new partner and the new profit sharing ratio among the three partners is decided at 1 : 2 : 2. The sacrificing ratio between Xena and Yana is 4 : 1. Calculate old profit sharing ratio.

2.68K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Anil, Apoorv, Pooja and Badal are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. Babu joins the partnership for 20% share and Anil, Apporv, Pooja and Badal in future would share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. Calculate new profit sharing ratio after Babu’s admission.

2.27K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Avtar, Sahil and Satvir are partners sharing profits and losses in the ratio of 9 : 6 : 5. Vijay is admitted as a partner for 1/4th share in future profits and losses. Sahil sacrifices 1/10th from his share in favour of Vijay and rest of the sacrifice was made by Avtar and Satvir in the ratio of 2 : 1. Calculate new profit sharing ratio and sacrificing ratio.

2.87K viewsAnurag Pathak Changed status to publish June 27, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Reema and Sahil are partners sharing profits in the ratio of 3 : 2. Gauarv is admitted as a partner. The new profit sharing ratio among them is 4 : 3 : 2. Calculate the sacrificing ratio.

1.79K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Raman and Kamran are partners sharing profits in the ratio of 3 : 2. Darpan is admitted to the partnership for 1/5th share in future profits. Calculate new profit sharing ratio and the sacrificing ratio.

1.80K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Aman, Burman and Chaman are partners sharing profits in the ratio of 4 : 3 : 2. Devan is admitted for 1/3rd share in future profits. What is sacrificing ratio?

3.13K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Find new profit sharing ratio: i) Kishore, Lata and Asha are partners sharing profits and losses in the ratio of 2/6 : 3/6 : 1/6. They admit Bhappi for 1/6th share. Asha is to retain her original share. ii) Akhil, Nikhil and Adil are partners sharing profits and losses in the ratio of 3 : 2 : 5. They admit Debu and give him 1/5th share. This share is contributed by them in the ratio of 1 : 1 : 3.

2.17K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Bharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a new partner for 1/5th share in future profits of the firm, which he got equally from Bharati and Astha. Calculate the new profit sharing ratio of Bharati, Astha and Dinkar.

858 viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Red and White are two partners sharing profits and losses equally. They admit Black as a new partner for 25% share. In future, profit-sharing ratio between Red and White will be 3 : 2. Determine new profit sharing ratio.

2.37K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Amrit and Amar were partners sharing profits in the ratio of 3 : 2. They admitted Amit and Anita as new partners. Amrit surrendered 1/3rd of his share in favour of Amit and Amar surrendered 1/4th of his share in favour of Anita. Calculate new profit sharing ratio of Amrit, Amar, Amit and Anita.

2.73K viewsAnurag Pathak Changed status to publish June 26, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

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