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[ISC] Q. 10 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 10 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 10, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 10

Om and Shiv entered into partnership on 1st April, 2022 without any Partnership Deed. They introduced capitals of ₹ 5,00,000 and ₹ 3,00,000 respectively. On 31st October, 2022, Om advanced ₹ 2,00,000 as loan to the firm without an agreement as to interest.

Profit & Loss Account for the year ended on 31st March, 2023 showed a profit of ₹ 4,30,000, but the partners could not agree on the amount of interest on loan to be charged and the basis of division of profits.

Pass a Journal entry for the distribution of the profit between the partners and prepare the Capital Accounts of both the partners and Loan Account of Shiv.

TS Grewal Class 12 Fundamentals of Partnership Question 10

Solution

Solution of Q 10 Fundamentals of Partnership TS Grewal 2023-24 part 1
Solution of Q 10 Fundamentals of Partnership TS Grewal 2023-24 part 2
Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo
Solution of Q 10 Fundamentals of Partnership TS Grewal 2023-24 part 3
Solution of Q 10 Fundamentals of Partnership TS Grewal 2023-24 part 4
Solution of Q 10 Fundamentals of Partnership TS Grewal 2023-24 part 5
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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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