[CBSE] Q. 17 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 17 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 17 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 17 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 17

Reema and Seema are partners sharing profits equally. The partnership Deed provides that both Reema and Seema will get monthly salary of ₹ 15,000 each, Interest on capital will be allowed @ 5% p.a. and Interest on Drawings will be charged @ 10% p.a. Their capitals were ₹ 5,00,000 each and drawings during the year were ₹ 60,000 each.

The firm incurred net loss of ₹ 1,00,000 during the year ended 31st March, 2022.

Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2022.

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

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