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

Question number 23 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

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

Q. 23

Ashish and Aakash are partners sharing profits in the ratio of 3:2. Their capital Accounts had credit balances of ₹ 5,00,000 and ₹ 6,00,000. respectively as on 31st March, 2022 after debit of drawings during the year of ₹ 1,50,000 and ₹ 1,00,000 respectivley. Net Profit for the year ended 31st March, 2022 was ₹ 5,00,000.

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

Pass the Journal entry for interest on capital and prepare Profit and loss appropriation account.

Solution:-

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