Solution of Q 74 Fundamentals of Partnership Firm TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 74, Chapter 1 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 74
Naveen, Qadir and Rajesh were partners doing an electronic goods business in Uttarakhand. After the accounts of partnership were drawn up and closed, it was discovered that interest on capital has been allowed to partners @ 6% p.a. for the years ending 31st March, 2017 and 2018, although there is no provision for interest on capital in the Partnership Deed. On the other hand, Naveen and Qadir were entitled to a salary of ₹3,500 and ₹4,000 per quarter respectively, which has not been taken into consideration. Their fixed capitals were ₹4,00,000, ₹3,60,000 and ₹2,40,000 respectively. During the last two years they had shared the profits and losses as follows:
Solution
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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.
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