[ISC] Q. 46 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 46, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 46
On 1st April, 2022, Lal, Bal and Pal enter into partnership contributing ₹ 2,50,000; ₹ 1,30,000 and ₹ 1,20,000 respectively and sharing profits and losses in the ratio of 5 : 3 : 2. Bal and Pal are entitled to salaries of ₹ 16,000 and ₹ 14,500 respectively per year. Interest on capital is allowed @ 5% p.a. and 6% interest is charged on drawings.
During the year ended 31st March, 2023, Lal withdrew ₹ 40,000; Bal ₹ 25,000 and Pal ₹ 15,000.
Interest on drawings being Lal—₹ 2,250; Bal—₹ 1,125 and Pal—₹ 725.
Net Profit for the year ended 31st March, 2023 was ₹ 71,400.
Show how the profit is distributed and also prepare the Capital Accounts, if they were fluctuating.
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.
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