[CBSE] Q. 17 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 17 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition.

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 Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of ₹ 60,000 which has not been withdrawn.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 2024 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.

[Ans: Provision for Manager’s Commission – ₹ 15,000 (i.e., 5% of ₹ 3,00,000), Share of Profit: X – ₹ 93,000; Y – ₹ 62,000.]

Solution:-

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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 for free lectures

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