[ISC] Q. 48 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 48, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 48
Ashish and Naresh are equal partners. The balances of their Capital Accounts as at 1st April, 2022 were:
Ashish—₹ 30,000 and Naresh—₹ 20,000.
The Partnership Deed provides for the following:
- (i) Interest on Capitals and Drawings @ 5%;
- (ii) Salary for Naresh @ ₹ 600 per month; and
- (iii) Commission to Ashish @ 5% on Sales.
During the year ended 31st March, 2023, Profit & Loss Account showed net profit of ₹ 25,200.
Sales for the year ended 31st March, 2023 were ₹ 60,000.
Ashish and Naresh drew ₹ 8,000 and ₹ 7,000 respectively during the year ended 31st March, 2023.
You are required to prepare Profit & Loss Appropriation Account for the year ended 31st March, 2023 and Partners’ Capital Accounts as on that date.
Solution
All questions of Chapter 1
Orange = this question · Grey = already opened.
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.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.