[CBSE] Q. 20 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 20 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 20 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 20 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 20

Kamal and Kapil are partners having fixed capital of ₹ 5,00,000 each as on 31st March, 2021. Kamal introduced further capital of ₹ 1,00,000 on 1st October, 2021 whereas Kapil withdrew ₹ 1,00,000 on 1st October, 2021 out of capital.

Interest on capital is to be allowed @ 10% p.a.

The firm earned net profit of ₹ 6,00,000 for the year ended 31st March, 2022.

Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account.

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