[CBSE] Q. 26 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 26 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition.

Naresh and Sukesh are partners with Capitals of ₹ 3,00,000 each as on 31st March, 2024. Naresh had withdrawn ₹ 50,000 against capital on 1st October 2023 and ₹ 1,00,000 drawings against profit. Sukesh also had drawings of ₹ 1,00,000.

Interest on capital is to be allowed @ 10% p.a.

Net Profit for the year was ₹ 2,00,000, which is yet to be distributed.

Pass the Journal entries for interest on capital and distribution of profit.

Solution:-

Alternative for Journal entry:

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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