[CBSE] Q. 24 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

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Solution of Question number 24 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Anita and Ankita are partners sharing profits equally. Their capitals, maintained following Fluctuating Capital Accounts Method, as on 1st April 2022 were ₹ 5,00,000 and ₹ 4,00,000 respectively. Partnership Deed Provided to allow interest on capital @ 10% p.a. The firm earned a net profit of ₹ 2,00,000 for the year ended 31st March 2023.

Pass the Journal entry for interest on capital

[Ans: Dr. Profit and Loss Appropriation A/c by ₹ 90,000; Cr. Anita’s Capital A/c by ₹ 50,000 and Ankita’s Capital A/c by ₹ 40,000.]

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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