Solution of Q 46 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 46, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 46
A and B are partners sharing profits and losses in the ratio of 3 : 1. On 1st April, 2021, their capitals were: A ₹50,000 and B ₹30,000. During the year ended 31st March, 2022, the firm earned a net profit of ₹50,000. The terms of partnership are:
- (a) Interest on capital is to be allowed @ 6% p.a.
- (b) A will get a commission @ 2% on turnover.
- (c) B will get a salary of ₹500 per month.
- (d) B will get commission of 5% on profits after deduction of all expenses including such commission.
Partners’ drawings for the year were: A ₹8,000 and B ₹6,000. Turnover for the year was ₹3,00,000. After considering the above facts, you are required to prepare Profit & Loss Appropriation Account and Partners’ Capital Accounts.
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.
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