Solution of Q 95 Fundamentals of Partnership Firm TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 95, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 95
Xen, Sam and Tim are partners in a firm. For the year ended 31st March, 2022, the profit of the firm ₹ 1,200,000 was distributed equally among them, without giving effect to the following terms of the partnership Deed:
- (i) Sam’s guarantee to the firm that the firm would earn a profit of at least ₹ 1,35,000. Any shortfall in these profits would met by him.
- (ii) Profits to be shared in the ratio of 2 : 2 : 1.
You are required to pass the necessary Journal entries to rectify the error in accounting.
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.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
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