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[ISC] Q. 38 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 38 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 38, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 38

Abhay, Amit and Ankit are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Fixed capitals as on 1st April, 2022 of the partners were: Abhay ₹ 5,00,000; Amit ₹ 5,00,000; and Ankit ₹ 2,50,000. The Partnership Deed provides that the interest on capitals is to be allowed @ 10% p.a. and that Ankit be allowed salary of ₹ 2,000 per month. Profit of the firm for the year ended 31st March, 2023 after debiting Ankit’s salary was ₹ 4,00,000. Prepare Profit & Loss Appropriation Account.

TS Grewal Class 12 Fundamentals of Partnership Question 38

Solution

Solution of Q 38 Fundamentals of Partnership TS Grewal 2023-24
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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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