Q.32 Solution Fundamentals of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 32, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 32
Moli and Bholi contribute ₹20,000 and ₹10,000 respectively towards capital. They decide to allow interest on capital @ 6% p.a. Their respective share of profits is 2 : 3 and profit for the year is ₹1,500. Show distribution of profits:
- (i) When there is no agreement except for interest on capitals; and
- (ii) When there is an agreement that the interest on capital is a charge.
Solution
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About this solution
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