[CBSE] Q. 91 Solution of Fundamentals of Partnership Firms TS Grewal (2025-26)

Solution of Question number 91 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2025-26 Edition

Xen, Sam, and Tim are partners in a firm. For the year ended 31st March 2024, the profit of the firm ₹ 12,00,000 was distributed equally among them, without giving effect to the following terms of the partnership deed:

i) Sam’s guarantee to the firm that the firm would earn a profit of at least ₹ 1,35,000. Any shortfall in these profits would be met by him.

ii) Profits to be shared in the ratio of 2:2:1.

You are required to pass the necessary Journal entries to rectify the error in accounting.

Solution:-

Note:-

1. Profit wrongly distributed earlier in 1 : 1 : 1 is reversed in first country.

2. Sam’s guaranteed that the firm would earn at least ₹ 1,35,000 profit and any shortfall would be met by him. Thus the short fall ₹ 15,000 ( ₹ 135,000 – ₹ 1,20,000) is debited by Sam’s Capital A/c and credit to firm’s Profity and Loss Adjustment Account.

3. Correct Profit ₹ 1,35,000 is credited to partner’s in their correct profit sharing ratio i.e., 2 : 2 : 1.

If the Question says to pass all necessary journal entries, neither the adjustment table is prepared nor single adjustment entry is passed. Instead, Journal entries are passed for each transactions debiting and crediting partner’s capital/current A/c by opening a separate Profit and Loss Adjustment Account.

Here is the list of all Solutions.

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

MCQs of Fundamentals of Partnership for CUET

Important MCQS of Fundamentals of Partnership

Assertion Reason MCQs of Fundamentals of Partnership

Matching Type MCQs of Fundamentals of Partnership

Source/Case Type MCQs of Fundamentals of Partnership with Answers

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60

S.N	Questions
61	Question – 61
62	Question – 62
63	Question – 63
64	Question – 64
65	Question – 65
66	Question – 66
67	Question – 67
68	Question – 68
69	Question – 69
70	Question – 70

S.N	Questions
71	Question – 71
72	Question – 72
73	Question – 73
74	Question – 74
75	Question – 75
76	Question – 76
77	Question – 77
78	Question – 78
79	Question – 79
80	Question – 80

S.N	Questions
81	Question – 81
82	Question – 82
83	Question – 83
84	Question – 84
85	Question – 85
86	Question – 86
87	Question – 87
88	Question – 88
89	Question – 89
90	Question – 90
91	Question – 91