[ISC] Q. 73 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 73, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 73
Gaurav, Saurav and Vivian are partners in a firm. Though the Partnership Deed did not provide for interest on capital, yet it was allowed to the partners @ 5% p.a. for the two years ended on 31st March, 2022 and 31st March, 2023. Their fixed capitals on which interest was calculated were throughout—Gaurav ₹ 40,000; Saurav ₹ 32,000 and Vivian ₹ 24,000.
During the two years, they shared profits as:
- Year ended 31st March, 2022 — 5 : 3 : 2;
- Year ended 31st March, 2023 — 2 : 2 : 1.
You are required to pass an adjustment entry as at 1st April, 2023.
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.
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