[ISC] Q. 37 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 37, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 37
Ajay, Bijay and Chandan are partners in a firm with capitals of ₹ 1,50,000; ₹ 1,20,000 and ₹ 90,000 respectively. Their Partnership Deed provides as follows:
- (i) Interest on capital to be allowed @ 10% p.a.
- (ii) Interest on drawings to be charged @ 10% p.a.
- (iii) Bijay and Chandan each are to be paid salary @ ₹ 1,500 per month.
- (iv) Ajay is to be paid a commission of 5% of the net profit.
- (v) Divisible (remaining) profits are to be distributed as follows: 40% to Ajay; 30% to Bijay; 20% to Chandan and 10% carried to General Reserve.
Net profit for the year ended 31st March, 2023 was ₹ 1,50,000. Ajay withdrew ₹ 3,000 per month in the beginning of each month, Bijay withdrew ₹ 3,000 per month in the middle of each month and Chandan withdrew ₹ 3,000 per month at the end of each month.
Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2023.
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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