Solution of Q 58 Fundamentals of Partnership Firm TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 58, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 58
Kabir, Zoravar and Parul are partners sharing profits in the ratio of 5 : 3 : 2. Their capitals as on 1st April, 2022 were: Kabir—₹5,20,000, Zoravar—₹3,20,000 and Parul—₹2,00,000.
The Partnership Deed provided as follows:
- (i) Kabir and Zoravar each will get salary of ₹24,000 p.a.
- (ii) Parul will get commission of 2% of Net Sales.
- (iii) Interest on capital is to be allowed @ 5% p.a.
- (iv) Interest on Drawings is to be charged @ 5% p.a.
- (v) 10% of Divisible Profit is to be transferred to General Reserve.
Net Sales for the year ended 31st March, 2023 were ₹50,00,000. Drawings by each of the partners during the year was ₹60,000. Net Profit for the year was ₹1,55,500.
Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2023.
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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