[ISC] Q. 45 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 45, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 45
Ankit and Bimla are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 50,000 and ₹ 30,000 respectively. Interest on capitals is agreed @ 6% p.a. Bimla is to be allowed salary of ₹ 2,500 p.a. During the year ended 31st March, 2023, profit prior to calculation of the interest on capital but after charging Bimla’s salary was ₹ 12,500. Provision of 5% of the net profit is to be made in respect of Manager’s commission.
Prepare the account showing the allocation of profits and Partners’ Capital Accounts.
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.