Solution of Q 50 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 50, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 50
Sajal and Kajal are partners sharing profits and losses in the ratio of 2 : 1. On 1st April, 2021, their Capitals were: Sajal—₹5,00,000 and Kajal—₹4,00,000.
Prepare Profit & Loss Appropriation Account and the Partners’ Capital Accounts at the end of the year from the following information:
- (a) Interest on Capital is to be allowed @ 5% p.a.
- (b) Interest on the loan advanced by Kajal for the whole year, the amount of loan being ₹3,00,000.
- (c) Interest on partners’ drawings @ 6% p.a. Drawings: Sajal ₹1,00,000 and Kajal ₹80,000.
- (d) 10% of the divisible profit is to be transferred to General Reserve.
Profit, before giving effect to the above, for the year ended 31st March, 2022 is ₹7,02,600.
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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