Q.79 Solution Fundamentals of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 79, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 79
Capitals of Kajal, Neerav and Alisha as on 31st March, 2024 were ₹90,000, ₹3,30,000 and ₹6,60,000 respectively. Profit of ₹1,80,000 for the year ended 31st March, 2024 was distributed in the ratio of 4 : 1 : 1 after allowing Interest on Capital @ 10% p.a. During the year, each partner withdrew ₹3,60,000. The Partnership Deed was silent as to profit-sharing ratio but provided for interest on capital @ 12% p.a.
Pass the necessary adjustment entry showing the working clearly.
Solution
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