Solution of Q 65 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 65, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 65
Mohan, Vijay and Anil are partners, the balances of their Capital Accounts being ₹30,000, ₹25,000 and ₹20,000 respectively. In arriving at these amounts profit for the year ended 31st March, 2022, ₹24,000 had been credited to partners in their profit-sharing ratio. Their drawings were ₹5,000 (Mohan), ₹4,000 (Vijay) and ₹3,000 (Anil) during the year. Subsequently, following omissions were noticed and it was decided to rectify the errors:
- (a) Interest on capital @ 10% p.a.
- (b) Interest on drawings: Mohan ₹250, Vijay ₹200 and Anil ₹150.
Make necessary corrections through a Journal entry and show your workings clearly.
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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