[CBSE] Q. 23 solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 23 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Simran and Reema are partners sharing profits in the ratio of 3 : 2. Their capitals as on 1st April 2022 were ₹ 2,00,000 each whereas Current Accounts had balances of ₹ 50,000 and ₹ 25,000 respectively. Interest on capital is to be allowed @ 5% p.a. Net Profit of the firm for the year ended 31st March 2023 was ₹ 3,00,000.

Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss Appropriation Account for the year.

Solution:-

1st Method:-

2nd Method:-

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