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Solution of Q 85 Fundamentals of Partnership Firm TS Grewal 2022-23 [CBSE]

Question 85 of 88Chapter 2Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 85, Chapter 2 Accounting for Partnership Firms – Fundamentals, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.

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Question 85

The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 31st March, 2017, ₹ 80,000 in the ratio of 3 : 3 : 2 without providing for the following adjustments:

  1. (a) Alia and Chand were entitled to a salary of ₹ 1,500 each per month.
  2. (b) Bhanu was entitled for a commission of ₹ 4,000.
  3. (c) Bhanu and Chand had guaranteed a minimum profit of ₹ 35,000 p.a. to Alia, any deficiency to be borne equally by Bhanu and Chand.

Pass the necessary Journal entry for the above adjustments in the books of the firm. Show workings clearly.

TS Grewal Class 12 Fundamentals of Partnership Firm Question 85

Solution

Solution of Q 85 Fundamentals of Partnership Firm TS Grewal 2022-23 part 1
Solution of Q 85 Fundamentals of Partnership Firm TS Grewal 2022-23 part 2
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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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