[CBSE] Q. 19 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 19 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get a 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 a net loss of ₹ 1,00,000 during the year ended 31st March 2023.

Prepare Profit and Loss Appropriation Account for the year ended 31st March 2023.

[Ans: Loss – ₹ 94,000; Reema’s Share – ₹ 47,000; Seema’s Share – ₹ 47,000.]

Solution:-

Partner’s Share in Divisible Loss

Reema’s Share = 94,000 × 1/2 = ₹ 47,000

Seema’s Share = 94,000 × 1/2 = ₹ 47,000

Instructions:-

In the case of Loss, Interest on the partner’s capital, salary, and commission are not charged. As these items are appropriated out of profits. Thus in the case of loss, such items can not be provided.

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