[CBSE] Q. 16 solution of Fundamentals of Partnership Firms TS Grewal Book 2022-23 Edition

Are you looking for the solution of Question number 16 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 16 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 16 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 16

Atul and Mithun are partners sharing profits in the ratio of 3:2.

Balances as on 1st April, 2021 were as follows:

Capital Account (Fixed): Atul – ₹ 5,00,000 and Mithun – ₹ 6,00,000.

Loan Accounts: Atul – ₹3,00,000 (Cr.) and Mithun – ₹ 2,00,000 (Dr.)

It was agreed to allow and charge interest @ 8% p.a. Partnership Deed Provided to allow interest on capital @ 10% p.a. Interest on Drawings was charged ₹ 5,000 each.

Profit before giving effect to above was ₹ 2,28,000 for the year ended 31st March, 2022.

Prepare Profit and Loss Appropriation Account.

Answer –

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