Solution of Q 48 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 48, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 48
Amit, Binita and Charu are three partners. On 1st April, 2021, their Capitals stood as: Amit ₹1,00,000, Binita ₹2,00,000 and Charu ₹3,00,000. It was decided that:
- (a) they would receive interest on Capitals @ 5% p.a.,
- (b) Amit would get a salary of ₹10,000 per month,
- (c) Binita would receive commission @ 5% of net profit after deduction of commission, and
- (d) 10% of the net profit would be transferred to the General Reserve.
Before the above items were taken into account, profit for the year ended 31st March, 2022 was ₹5,00,000. Prepare Profit & Loss Appropriation Account and the Capital Accounts of the Partners.
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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