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[ISC] Q. 72 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 72 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 72, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 72

Mohan, Vijay and Anil are partners, the balances of their Capital Accounts being ₹ 30,000; ₹ 25,000 and ₹ 20,000 respectively. In arriving at these values, profit for the year ended 31st March, 2023, ₹ 24,000 was credited to partners in their profit-sharing ratio. Their drawings during the year were ₹ 5,000 (Mohan), ₹ 4,000 (Vijay) and ₹ 3,000 (Anil). Subsequently, following omissions were noticed and it was decided to rectify them:

  1. (i) Interest on capital @ 10% p.a.
  2. (ii) Interest on drawings: Mohan ₹ 250, Vijay ₹ 200 and Anil ₹ 150.

Rectify the errors by passing a Journal entry and show your workings clearly.

TS Grewal Class 12 Fundamentals of Partnership Question 72

Solution

Solution of Q 72 Fundamentals of Partnership TS Grewal 2023-24 part 1
Solution of Q 72 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 72 Fundamentals of Partnership TS Grewal 2023-24 part 3
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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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