[CBSE] Q. 24 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 24 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 24 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 24 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 24

Naresh and Sukesh are partners with capitals of ₹ 3,00,000 each as on 31st March, 2022. Naresh had withdrawn ₹ 50,000 against capital on 1st October, 2021 and ₹ 1,00,000 drawings against profit. Sukesh also had drawings of ₹ 1,00,000.

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

Net Profit for the year was ₹ 2,00,000, which is yet to be distributed.

Pass the Journal entries for interest on capital and distribution of profit.

Solution:-

Working Notes:-

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