Solution of Q 18 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 18, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 18
Bhanu and Partap are partners sharing profits equally. Their fixed capitals as on 1st April, 2021 were ₹8,00,000 and ₹10,00,000 respectively. Their drawings during the year were ₹50,000 and ₹1,00,000 respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Profit for the year ended 31st March, 2022 before giving effect to the above was ₹1,20,000.
Prepare Profit & Loss Appropriation Account.
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.
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