[CBSE] Q. 23 solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 23 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition?

Simran and Reema are partners sharing profits in the ratio of 3 : 2. Their capitals as on 1st April 2023 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. Net Profit of the firm for the year ended 31st March 2024 was ₹ 3,00,000.

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

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 for free lectures

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