Are you looking for the solution of Question number 10 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?
Question number 10 of Accounting for Partnership Firms – Fundamentals is a theoretical one.
Solution of Question number 10 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2023-24 Edition
Here is the solution of it.
Akhil and Bimal are partners sharing profits in the ratio of 3:2. Akhil gave a loan to the firm of ₹ 1,00,000 on 1st October 2022. On the same date, the firm gave a loan to Bimal of ₹ 1,00,000. They do not have an agreement as to interest.
Akhil had also given his personal property for the firm’s godown at a monthly rent of ₹ 5,000.
The firm earns a profit of ₹ 1,03,000 (before the above adjustments) for the year ended 31st March 2023. Show the distribution of profit for the year.
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