Solution of Q 70 Fundamentals of Partnership Firm TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 70, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 70
On 31st March, 2023, after the closing of the accounts, Capital Accounts of P, Q and R stood in the books of the firm at ₹40,000; ₹30,000 and ₹20,000 respectively. Subsequently, it was noticed that interest on capital @ 5% had been omitted. Profit for the year ended 31st March, 2023 was ₹60,000 and the partners’ drawings had been P—₹10,000, Q—₹7,500 and R—₹4,500. Profit-sharing ratio of P, Q and R is 3 : 2 : 1.
Pass necessary adjustment entry.
Solution
All questions of Chapter 1
Orange = this question · Grey = already opened.
About this solution
This is Chapter 1 Accounting for Partnership Firms – Fundamentals of TS Grewal Edition 2023-24.
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.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.