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Solution of Q 66 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]

Question 66 of 88Chapter 2Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 66, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.

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Question 66

Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are ₹4,00,000, ₹1,60,000 and ₹1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was ₹1,00,000, without taking into account the following adjustments:

  1. (a) Interest on capitals @ 2.5% p.a.
  2. (b) Salary to Mudit ₹18,000 p.a. and commission to Uday ₹12,000.
  3. (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission.

Pass a rectifying Journal entry in the books of the firm. Show workings clearly.

TS Grewal Class 12 Fundamentals of Partnership Firm Question 66

Solution

Solution of Q 66 Fundamentals of Partnership Firm TS Grewal 2022-23
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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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