[CBSE] Q. 16 solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 16 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition

X, Y, and Z are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Fixed Capitals of the partners were: X ₹ 5,00,000; Y ₹ 5,00,000 and Z ₹ 2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10% p.a. Z is to be allowed a salary of ₹ 2,000 per month. Profit of the firm for the year ended 31st March, 2024 after Z’s salary was ₹ Prepare Profit and Loss Appropriation Account.

[Ans: Divisible Profit – ₹ 2,75,000.]

Note:- The Salary of the partner is wrongly printed. It must be ₹ 2,000 per month.

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