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[ISC] Q. 20 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 20 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 20, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 20

Sumant and Rumant contribute ₹ 8,00,000 and ₹ 4,00,000 respectively as capitals on which they agree to allow interest @ 6% p.a. They are to share profits in the ratio of 3 : 2. Net Profit for the year is ₹ 60,000. Show the relevant account to allocate interest on capitals: (i) if the Partnership Deed is silent about the treatment of interest on capital, and (ii) if interest is a charge as per Partnership Deed.

TS Grewal Class 12 Fundamentals of Partnership Question 20

Solution

Solution of Q 20 Fundamentals of Partnership TS Grewal 2023-24 part 1
Solution of Q 20 Fundamentals of Partnership TS Grewal 2023-24 part 2
Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo
Solution of Q 20 Fundamentals of Partnership TS Grewal 2023-24 part 3
Solution of Q 20 Fundamentals of Partnership TS Grewal 2023-24 part 4
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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.

Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy ISC Board Exam.

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