[CBSE] Q. 20 solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 20 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition?

Bhanu and Partap are partners sharing profits equally. Their fixed capitals as on 1st April 2023 were ₹ 8,00,000 and ₹ 10,00,000 respectively. Their drawings during the year were ₹ 50,000 and ₹ 1,00,000 respectively. Interest on Capital is a charge and is to be allowed 10% p.a. and interest on drawings is to be charged @ 15% p.a. Net Profit for the year ended 31st March 2024 before giving effect to the above) was ₹ 1,20,000.

Prepare Profit and Loss Appropriation Account.

[Ans: Loss – ₹ 48,750; Dr. Bhanu’s Current A/c and Partap’s Current Account by ₹ 24,375 each.]

Solution:-

Calculation of Partner’s share in divisible profit

Bhanu’s share = ₹ 48,750 × 1/2 = ₹ 24 375

Partap’s share = ₹ 48,750 × 1/2 = ₹ 24 375

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