Solution of Q 88 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 88, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 88
Three Chartered Accountants Abhijit, Baljit and Charanjit form a partnership, profits being shared in the ratio of 3 : 2 : 1 subject to the following:
- (a) Charanjit’s share of profit guaranteed to be not less than ₹ 15,000 p.a.
- (b) Baljit gives a guarantee to the effect that gross fee earned by him for the firm shall be equal to his average gross fee of the preceding five years when he was carrying on profession alone, which on an average works out at ₹ 25,000.
The profit for the first year of the partnership is ₹ 75,000. The gross fee earned by Baljit for the firm is ₹ 16,000.
You are required to show Profit & Loss Appropriation Account after giving effect to the above.
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.
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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