[CBSE] Q. 21 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 21 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 21 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 21 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 21

Simran and Reema are partners sharing profits in the ratio of 3:2. Their capitals as on 31st March, 2021 were ₹ 2,00,000 each whereas Current Accounts had balances of ₹ 50,000 and ₹ 25,000 respectively. Interest on capital is to be allowed @ 5% p.a.. The firm earned net profit of ₹ 3,00,000 for the year ended 31st March, 2022.

Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss Appropriation Account for the year.

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Anurag Pathak
Anurag Pathak

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