Q.53 Solution Fundamentals of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 53, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 53
A, B and C were partners in a firm having capitals of ₹50,000; ₹50,000 and ₹1,00,000 respectively. Their Current Account balances were A: ₹10,000; B: ₹5,000 and C: ₹2,000 (Dr.). According to the Partnership Deed the partners were entitled to an interest on Capital @ 10% p.a. C being the working partner was also entitled to a salary of ₹12,000 p.a. The profits were to be distributed as:
- (a) The first ₹20,000 in proportion to their capitals.
- (b) Next ₹30,000 in the ratio of 5 : 3 : 2.
- (c) Remaining profits to be shared equally.
The firm earned net profit of ₹1,72,000 before charging any of the above items.
Prepare Profit & Loss Appropriation Account and pass necessary Journal entry for the appropriation of profits.
Solution
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About this solution
Looking for the Q.53 Solution Fundamentals of Partnership Firm TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
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