Q.91 Solution Fundamentals of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 91, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 91
A and B are in partnership sharing profits and losses in the ratio of 3 : 2. They admit C, their Manager, as a partner with effect from 1st April, 2023, for 1/4th share of profits.
C, while being Manager, was in receipt of a salary of ₹27,000 p.a. and a commission of 10% of net profit after charging such salary and commission.
In terms of the Partnership Deed, any excess amount, which C will be entitled to receive as a partner over the amount which would have been due to him if he continued to be the Manager, will be borne by A. Profit for the year ended 31st March, 2024 amounted to ₹2,25,000.
Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2024.
Solution
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About this solution
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