Solution of Q 47 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 47, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 47
A, B and C were partners in a firm having capitals of ₹50,000; ₹50,000 and ₹1,00,000 respectively. Their Current Account balances were A: ₹10,000; B: ₹5,000 and C: ₹2,000 (Dr.). According to the Partnership Deed the partners were entitled to an interest on Capital @ 10% p.a. C being the working partner was also entitled to a salary of ₹12,000 p.a. The profits were to be divided as:
- (a) The first ₹20,000 in proportion to their capitals.
- (b) Next ₹30,000 in the ratio of 5 : 3 : 2.
- (c) Remaining profits to be shared equally.
The firm earned net profit of ₹1,72,000 before charging any of the above items.
Prepare Profit & Loss Appropriation Account and pass necessary Journal entry for the appropriation of profits.
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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