Solution of Q 55 Fundamentals of Partnership Firm TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 55, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 55
Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4 : 3 : 3. Their fixed capitals on 1st April, 2018 were ₹9,00,000, ₹5,00,000 and ₹4,00,000 respectively. On 1st November, 2018, Yadu gave loan of ₹80,000 to the firm, as per the partnership agreement.
- (i) The partners were entitled to an interest on capital @ 6% p.a.
- (ii) Interest on partners’ drawings was to be charged @ 8% p.a.
The firm earned profit of ₹2,53,000 (after interest on Yadu’s Loan) during the year 2018-19. Partners’ drawings for the year amounted to:
Yadu—₹80,000, Vidu—₹70,000 and Radhu—₹50,000.
Prepare Profit & Loss Appropriation Account for the year ending 31st March, 2019.
Solution
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About this solution
This is Chapter 1 Accounting for Partnership Firms – Fundamentals of 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.
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