[CBSE] Q. 11 solution of Fundamentals of Partnership Firms TS Grewal Book 2022-23 Edition
Solution of Question number 11 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?
Nirmal and Pawan are partners sharing profits in the ratio of 3:2. The firm had given loan to Pawan of ₹ 5,00,000 on 1st April, 2021. Interest was to be charged @ 10% p.a. The firm took loan of ₹ 2,00,000 from Nirmal on 1st October, 2021. Before giving effect to the above, the firm incurred a loss of ₹ 10,000 for the year ended 31st March, 2022. Determine the amount to be transferred to Profit and Loss Appropriation Account.
Answer –
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