Solution of Q 15 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 15, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 15
X and Y are partners sharing profits in the ratio of 3 : 2 with capitals of ₹8,00,000 and ₹6,00,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of ₹60,000 which has not been withdrawn. Profit for the year ended 31st March, 2022 before interest on capital but after charging Y’s salary was ₹2,40,000.
A provision of 5% of the net profit is to be made in respect of commission to the Manager.
Prepare Profit & Loss Appropriation Account showing the allocation of profits.
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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