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Solution of Q 45 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]

Question 45 of 88Chapter 2Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 45, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.

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Question 45

Amit and Vijay started a partnership business on 1st April, 2021. Their capital contributions were ₹2,00,000 and ₹1,50,000 respectively. The Partnership Deed provided as follows:

  1. (a) Interest on capital be allowed @ 10% p.a.
  2. (b) Amit to get a salary of ₹2,000 per month and Vijay ₹3,000 per month.
  3. (c) Profits are to be shared in the ratio of 3 : 2.

Net Profit for the year ended 31st March, 2022 was ₹2,16,000. Interest on drawings amounted to ₹2,200 for Amit and ₹2,500 for Vijay. Prepare Profit & Loss Appropriation Account.

TS Grewal Class 12 Fundamentals of Partnership Firm Question 45

Solution

Solution of Q 45 Fundamentals of Partnership Firm TS Grewal 2022-23
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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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