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[ISC] Q. 74 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 74 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 74, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 74

Ajit, Harish and Ganesh were partners in a firm. On 1st April, 2022, their capitals stood at ₹ 50,000; ₹ 25,000 and ₹ 25,000 respectively.

As per the provisions of the Partnership Deed:

  1. (i) Ganesh was entitled for a salary of ₹ 1,500 per month.
  2. (ii) Partners were entitled to interest on capital @ 5% p.a.
  3. (iii) Profits were to be shared in the ratio of capitals.

Net profit for the year ended 31st March, 2023 of ₹ 45,000 was divided equally without providing for the above appropriations.

Pass an adjustment entry to rectify the above error.

TS Grewal Class 12 Fundamentals of Partnership Question 74

Solution

Solution of Q 74 Fundamentals of Partnership TS Grewal 2023-24 part 1
Solution of Q 74 Fundamentals of Partnership TS Grewal 2023-24 part 2
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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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