[CBSE] Q. 22 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 22 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition?

Kamal and Kapil are partners having fixed capitals of ₹ 5,00,000 each as on 1st April 2023. Kamal introduced further capital of ₹ 1,00,000 on 1st January 2024 whereas Kapil withdrew ₹ 1,00,000 on 1st January 2024 out of capital.

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

The firm earned a net profit of ₹ 6,00,000 for the year ended 31st March 2024.

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

Solution:-

1st Method:

2nd Method:-

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

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