[CBSE] Q. 18 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 18 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Atul and Mithun are partners sharing profits in the ratio of 3 : 2. Balances as on 1st April 2022 were as follows:

Capital Accounts (Fixed): Atul – ₹ 5,00,000 and Mithun – ₹ 6,00,000.

Loan Account: Atul – ₹ 3,00,000 (Cr.) and Mithun – ₹ 2,00,000 (Dr.)

It was agreed to allow and charge interest @ 8% p.a. Partnership Deed was provided to allow interest on capital @ 10% p.a. Interest on Drawings was charged ₹ 5,000 each.

Profit before giving effect to above was ₹ 2,28,000 for the year ended 31st March 2023.

Prepare Profit and Loss Appropriation Account.

[Ans: Share of Profit: Atul – ₹ 72,000; and Mithun – ₹ 48,000.]

Solution:-

Partner’s Share in Divisible Profit.

Atul’s Share = 1,20,000 × 3/5 = ₹ 72,000

Mithun’s Share = ₹ 1,20,000 × 2/5 = ₹ 48,000

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