Solution of Q 5 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 5, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 5
A and B are partners since 1st April, 2021, without a Partnership Deed and they introduced capitals of ₹35,000 and ₹20,000 respectively. On 1st October, 2021, A gave loan of ₹8,000 to the firm without any agreement as to interest. Profit & Loss Account for the year ended 31st March, 2022 shows a profit of ₹15,000 but the partners cannot agree on payment of interest and on the basis of division of profit. You are required to divide the profits between them giving reasons for your method.
Solution
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About this solution
This is Chapter 2 Accounting for Partnership Firms – Fundamentals of TS Grewal Edition 2022-23.
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.
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