Solution of Q 59 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 59, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 59
Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2022 after closing the books of account, their Capital Accounts stood at ₹4,80,000 and ₹6,00,000 respectively. On 1st May, 2021, Simrat had introduced an additional capital of ₹1,20,000 and Bir withdrew ₹60,000 from his capital. On 1st October, 2021, Simrat withdrew ₹2,40,000 from her capital and Bir introduced ₹3,00,000. Interest on capital is allowed at 6% p.a. Subsequently, it was noticed that interest on capital @ 6% p.a. had been omitted. Profit for the year ended 31st March, 2022 amounted to ₹2,40,000 and the partners’ drawings had been: Simrat—₹1,20,000 and Bir—₹60,000.
Compute the interest on capital if the capitals are (a) fixed, and (b) fluctuating.
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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