[ISC] Q. 77 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 77, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 77
Anup, Babu and Roop were partners. Their capitals were Anup—₹ 30,000; Babu—₹ 20,000 and Roop—₹ 10,000. According to the Partnership Deed, they were to get interest on capital @ 5% p.a. In addition, Babu was also entitled to draw a salary of ₹ 500 per month. Roop was entitled to a commission of 5% on the profit after charging interest on capital, but before charging the salary payable to Babu. Net profit for the year was ₹ 30,000 distributed in the ratio of capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5 : 3 : 2.
Pass the necessary adjustment entry showing the workings clearly.
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.
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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