TS Grewal Solutions for Class 12 Accountancy Volume 1 Chapter 5

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TS Grewal Solutions for Class 12 Accountancy Volume 1 Chapter 5

Last updated date: 27th Apr 2024

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Download Free PDF of Class 12 Accountancy TS Grewal Solutions Volume 1 Chapter 5 - Admission of a Partner

Accountancy is a subject that requires a clear and comprehensive study. Understanding its various elements is crucial for students to master this subject. However, this can be tricky for some students and downright daunting for others. Admission of a partner, TS Grewal Solutions Class 12 2024-25 aims to simplify the learning process of this chapter.

Textbook name	TS Grewal
Class	12
Subject	Accountancy
Chapter number	5
Name of the chapter	Admission of a Partner
Educational Board	CBSE
Number of solutions	25

Partnership Firm and Partners

A Partnership is a form of business where a group of people comes together to form an organization. They employ the capital and skills necessary to run the business. All profits or losses are shared between them. Owners of the firm are individually called partners. The Indian Partnership Act, 1932 governs Partnership Firms in India.

Admission of a Partner Class 12 TS Grewal Solutions 2024-25

Chapter 5- Admission of a Partner is an important chapter that needs to be thoroughly understood. Class 12 Accountancy Solutions for Chapter 5 provides concise information on the topic. From basic to more complex questions, it contains answers for all.

1. Admission of a Partner

A business is often faced with circumstances where it requires additional capital and managerial help. Business partners may decide to admit a new partner to the firm. The Indian Partnership Act, 1932 mandates the approval of the existing partners when a new partner is admitted. TS Grewal accountancy class 12 chapter 5 solutions 2024-25 provides more insight on the subject. Admission of a partner class 12 TS Grewal Solutions 2024-25 effectively answers all common questions on this topic.

2. Changes in Partnership Deed While Admitting a New Partner

A change in the established relationship between partners of a firm changes the existing partnership deed. This results in the reconstitution of the firm. TS Grewal accountancy Class 12 Chapter 5 solutions 2024-25 offer in-depth knowledge of Partnership firms. Problem-solving with TS Grewal chapter 5 solutions class 12 will further solidify one’s understanding of the concept.

3. Change in Profit Sharing Ratio

The introduction of a new partner in a firm has an impact on the profit-sharing ratio of the existing partners. The difference between the old ratio of profit sharing and the new ratio of existing partners is called the Sacrificing Ratio. Students can understand this through the problems solved in Admission of a Partner, Class 12 TS Grewal Solutions.

Class 12 Accountancy Chapter 5, Admission of a Partner Solutions provides simple solutions for difficult questions. Admission of a partner Class 12 TS Grewal Solutions is an incredible reading material for learning the basics of problem-solving on the topic.

4. Treatment of Goodwill

Goodwill is an intangible asset that signifies the reputation of a business in the market. A new partner brings in his share of the premium for goodwill. This premium is shared among the old partners in their share of sacrifice. Admission of a partner Class 12 TS Grewal Solutions includes everything you need to know about the treatment of goodwill.

Admission of a partner Class 12 TS Grewal Solutions 2024-25 helps students learn more topics efficiently. It prepares them for their upcoming exams and the long run as well.

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Why Should the Students Consider Learning from TS Grewal Solutions Class 12?

The solutions of TS Grewal are simple and easy to understand. It makes accounting much easier and more interesting for students.
These solutions are created as per the most recent CBSE syllabus and rules.
Students can put their accounting skills to the test with these answers. If they run into any difficulties, they can consult the solution before attempting to solve the problem again.
It contains in-depth solutions that will help students improve their accounting expertise. Even the most difficult questions are answered in a clear and simple manner.
These solutions are one of the best resources for preparing for the Class 12 board exam. It contains a variety of questions that can be used both in daily study sessions and during a review.
It is organised chapterwise and contains answers of all of the questions.
It is easily accessible and completely free.

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FAQs on TS Grewal Solutions for Class 12 Accountancy Volume 1 Chapter 5

1. What is the Admission of a Partner?

Admission of a partner means the introduction of a new person as a partner in an existing firm. This inclusion brings in more capital and managerial help in an enterprise. Admission of a partner calls for necessary changes in the organization. When a new partner is admitted, the partnership firm is restructured and a new agreement is made regarding the details of the business. Admissions of Partner is the 5th chapter and is included in volume 1 of TS Grewal Solutions. Students will learn about revaluation of accounts, calculation of ratios, adjustment of capital and goodwill.

2. What are the Methods of Calculating Goodwill?

Usually, goodwill is calculated with the help of the average profit method, super profit method and capitalization method. The average profit method is the easiest and most common method for calculating goodwill. It is computed by multiplying average future profit by the number of years of purchase. In the super profit method, goodwill is calculated by multiplying the value of super profits by the number of years of purchase. Whereas in the capitalization method, it can be computed by capitalizing super profits or average normal profits.

3. What Adjustments are Made on the Admission of a Partner?

Multiple components in a firm undergo adjustments on the introduction of a new partner:

1. Revaluation of Assets and Reassessment of Liabilities: Assets and liabilities are reassessed. Any gain or loss is shared between old partners in their old profit-sharing ratio.

2. Adjustment for Reserves and Accumulated Profits: Any reserves or accumulated profits existing in the books of the firm are distributed between old partners in their old profit-sharing ratio.

3. Adjustment of Partners’ Capitals: Sometimes, partners decide to readjust their capitals in the proportion to their new profit-sharing ratio.

4. Where can I find the solutions for Class 12 Accountancy Chapter 5?

You can find the solution for Chapter 5, Admission of a Partner on the Vedantu app as well as the website. These solutions are completely free of cost. All students have to do is make an account on the Vedantu app or website and then download the solutions. Yes, it’s that simple! You can also access all the other chapter solutions for class 12 Accountancy and many other helpful study resources. It is organized chapter-wise and is made easily accessible for students.

5. When should I start preparing for my Class 12 Accountancy exam?

Students should ideally start preparing for their Class 12 accountancy exam well in advance. This will give you enough time to understand each concept and practice it at your own pace. If you start early, you can also make a timetable. Allot enough time for each chapter and set some weekly goals as well as monthly goals. Don’t forget to allot some time for revision too. You can revise all that you’ve studied during the weekend. Practice will make you perfect so don’t forget to practice along with TS Grewal solutions.