Solution of Q 10 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 10, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 10
Akhil and Bimal are partners sharing profits in the ratio of 3 : 2. Akhil gave loan to the firm of ₹1,00,000 on 1st October, 2021. On the same date, the firm gave loan to Bimal of ₹1,00,000. They do not have an agreement as to interest.
Akhil had also given his personal property for firm’s godown at a monthly rent of ₹5,000.
Firm earns profit of ₹1,03,000 (before above adjustments) for the year ended 31st March, 2022. Show the distribution of profit for the year.
Solution
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About this solution
This is Chapter 2 Accounting for Partnership Firms – Fundamentals of TS Grewal Edition 2022-23.
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 CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
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