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[ISC] Q. 75 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Question 75 of 78Chapter 1Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 75, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 75

Shiv and Shanker were partners in a firm sharing profits in 3 : 2 ratio. Their fixed capitals were ₹ 1,70,000 and ₹ 2,10,000 respectively. The Partnership Deed provides for the following:

  1. (i) Interest on Capital @ 12% p.a.
  2. (ii) Interest on Drawings @ 18% p.a.

Shiv withdrew ₹ 12,000 on 30th June, 2022 and Shanker withdrew ₹ 18,000 on 30th September, 2022. Profit for the year ended 31st March, 2023 was ₹ 97,000, which was distributed among the partners without providing for the above adjustments. Pass adjustment entry.

TS Grewal Class 12 Fundamentals of Partnership Question 75

Solution

Solution of Q 75 Fundamentals of Partnership TS Grewal 2023-24 part 1
Solution of Q 75 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 75 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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