Solution of Q 24 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 24, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 24
Naresh and Sukesh are partners with capitals of ₹3,00,000 each as on 31st March, 2022. Naresh had withdrawn ₹50,000 against capital on 1st October, 2021 and ₹1,00,000 drawings against profit. Sukesh also had drawings of ₹1,00,000.
Interest on capital is to be allowed @ 10% p.a.
Net profit for the year was ₹2,00,000, which is yet to be distributed.
Pass the Journal entries for interest on capital and distribution of profit.
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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