[CBSE] Q. 25 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 25 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

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 2023 after the debit of drawings during the year of ₹ 1,50,000 and ₹ 1,00,000 respectively. Net profit for the year ended 31st March 2023 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:-

Alternative for Journal Entry

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