[ISC] Q. 78 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 78, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 78
Alex, John and Sam are partners in a firm. Their capital accounts on 1st April, 2015, stood at ₹ 1,00,000; ₹ 80,000 and ₹ 60,000 respectively.
Each partner withdrew ₹ 5,000 during the financial year 2015–16.
As per the provisions of their Partnership Deed:
- (a) John was entitled to a salary of ₹ 1,000 per month.
- (b) Interest on capital was to be allowed @ 10% per annum.
- (c) Interest on drawings was to be charged @ 4% per annum.
- (d) Profits and losses were to be shared in the ratio of their capitals.
The net profit of ₹ 75,000 for the year ended 31st March, 2016, was divided equally among the partners without providing for the terms of the deed.
You are required to pass a Single Adjustment Journal Entry to rectify the error. (Show the workings clearly).
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.
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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