Q.51 Solution Fundamentals of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 51, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 51
Amit and Vijay started a partnership business on 1st April, 2023. Capital invested by them were ₹2,00,000 and ₹1,50,000 respectively. The Partnership Deed provided as follows:
- (a) Interest on capital be allowed @ 10% p.a.
- (b) Amit to get a salary of ₹2,000 per month and Vijay ₹3,000 per month.
- (c) Profits are to be shared in the ratio of 3 : 2.
Net Profit for the year ended 31st March, 2024 was ₹2,16,000. Interest charged on drawings was ₹2,200 for Amit and ₹2,500 for Vijay.
Prepare Profit & Loss Appropriation Account.
Solution
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About this solution
Looking for the Q.51 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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