Solution of Q 18 Fundamentals of Partnership Firm TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 18, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 18
Atul and Mithun are partners sharing profits in the ratio of 3 : 2.
Balances as on 1st April, 2022 were as follows:
Capital Accounts (Fixed): Atul—₹5,00,000 and Mithun—₹6,00,000.
Loan Accounts: Atul—₹3,00,000 (Cr.) and Mithun—₹2,00,000 (Dr.)
It was agreed to allow and charge interest @ 8% p.a. Partnership Deed provided to allow interest on capital @ 10% p.a. Interest on Drawings was charged ₹5,000 each.
Profit before giving effect to above was ₹2,28,000 for the year ended 31st March, 2023.
Prepare Profit & Loss Appropriation Account.
Solution
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About this solution
This is Chapter 1 Accounting for Partnership Firms – Fundamentals of TS Grewal Edition 2023-24.
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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