[ISC] Q. 42 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 42, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 42
Anil and Bindoo are partners sharing profits and losses in the ratio of 3 : 1. On 1st April, 2022, their capitals were: Anil ₹ 1,50,000 and Bindoo ₹ 90,000. During the year ended 31st March, 2023, the firm earned net profit of ₹ 1,50,000. The terms of Partnership Deed are as follows:
- (i) Interest on capitals is to be allowed @ 6% p.a.
- (ii) Anil will get a commission @ 2% on the turnover.
- (iii) Bindoo will get a salary of ₹ 18,000 p.a.
- (iv) Bindoo will get commission of 5% on profits after deduction of all expenses (including her own commission).
Partners’ Drawings for the year were: Anil ₹ 24,000 and Bindoo ₹ 18,000. Turnover for the year was ₹ 9,00,000.
After considering the above facts, you are required to prepare Profit & Loss Appropriation Account and Partners’ Capital Accounts.
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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