Solution of Q 62 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 62, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 62
Mita and Usha are partners in a firm sharing profits in the ratio of 2 : 3. Their Capital Accounts as on 1st April, 2015 showed balances of ₹1,40,000 and ₹1,20,000 respectively. The drawings of Mita and Usha during the year 2015–16 were ₹32,000 and ₹24,000 respectively. Both the amounts were withdrawn on 1st January, 2016. It was subsequently found that the following items had been omitted while preparing the final accounts for the year ended 31st March, 2016:
- (a) Interest on Capital @ 6% p.a.
- (b) Interest on Drawings @ 6% p.a.
- (c) Mita was entitled to a commission of ₹8,000 for the whole year.
Showing your working clearly, pass a rectifying entry in the books of the firm.
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.
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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