[ISC] Q. 21 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 21, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 21
Bala and Rajan are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 5,00,000 and ₹ 4,00,000 respectively. Pass the necessary Journal entry or entries and show distribution of profit or loss for the year ended 31st March, 2023 by preparing relevant accounts in each of the following cases:
- Case 1. Partnership Deed is silent on interest on capital and profit for the year is ₹ 50,000.
- Case 2. Partnership Deed allows interest on capital @ 10% p.a. and loss for the year is ₹ 50,000.
- Case 3. Partnership Deed allows interest on capital @ 10% p.a. and profit for the year is ₹ 1,00,000.
- Case 4. Partnership Deed allows interest on capital @ 5% p.a. as a charge against profit and profit before interest for the year is ₹ 50,000.
- Case 5. Partnership Deed allows interest on capital @ 5% p.a. as a charge against profit and profit before interest for the year is ₹ 30,000.
- Case 6. Partnership Deed allows interest on capital @ 5% p.a. as a charge and profit for the year is ₹ 45,000.
Solution
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About this solution
This is Chapter 1 Partnership Accounts – Fundamentals of TS Grewal Edition 2023-24 (ISC Board).
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.
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