Solution of Q 83 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 83, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 83
A and B are in partnership sharing profits and losses in the ratio of 3 : 2. They admit C, their Manager, as a partner with effect from 1st April, 2021, for 1/4th share of profits.
C, while a Manager, was in receipt of a salary of ₹ 27,000 p.a. and a commission of 10% of net profit after charging such salary and commission.
In terms of the Partnership Deed, any excess amount, which C will be entitled to receive as a partner over the amount which would have been due to him if he continued to be the Manager, will be borne by A. Profit for the year ended 31st March, 2022 amounted to ₹ 2,25,000.
Prepare Profit & Loss Appropriation Account for the year ended 31st March, 2022.
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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