[CBSE] Q. 15 solution of Fundamentals of Partnership Firms TS Grewal Book 2022-23 Edition

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Are you looking for the solution of Question number 15 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 15 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 15 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 15

X and Y are partners sharing profits in the ratio of 3:2 with capitals of ₹ 8,00,000 and ₹ 6,00,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of ₹ 60,000 which has not been withdrawn. Profit for the year ended 31st March 2022 before interest on capital but after charging Y’s salary was ₹ 2,40,000.

A provision of 5% of the net profit is to be made in respect of commission to the Manager.

Prepare a Profit and Loss Appropriation Account showing the allocation of profits.

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