Solution of Q 70 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 70, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 70
On 31st March, 2018, the balances in the Capital Accounts of Abhir, Bobby and Vineet, after making adjustments for profits and drawings were ₹ 8,00,000, ₹ 6,00,000 and ₹ 4,00,000 respectively.
Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital @ 10% p.a. and were to be charged interest on drawings @ 6% p.a. The drawings during the year were: Abhir—₹ 20,000 drawn at the end of each month, Bobby—₹ 50,000 drawn at the beginning of every half year and Vineet—₹ 1,00,000 withdrawn on 31st October, 2017. The net profit for the year ended 31st March, 2018 was ₹ 1,50,000. The profit-sharing ratio was 2 : 2 : 1.
Pass necessary adjusting entry for the above adjustments in the books of the firm. Also, 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.
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