[CBSE] Q. 26 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 26 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

Question number 26 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 26 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2022-23 Edition

Q. 26

A and B are partners in the ratio of 3:2. The firm maintains Fluctuating Capital Accounts and the balance of the same as on 31st March 2020 amounted to ₹ 1,60,000 and ₹ 1,40,000 for A and B respectively. Their drawings during the year were ₹ 30,000 each.

As per Partnership Dee, interest on capital @ 10% p.a. on opening capitals had been provided to them.

Calculate the opening capitals of partners given that their profit was ₹ 90,000. Show your workings clearly.

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