[CBSE] Q. 26 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 26 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Naresh and Sukesh are partners with Capitals of ₹ 3,00,000 each as on 31st March, 2023. Naresh and withdrew ₹ 50,000 against capital on 1st October 2022 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:-

Alternative for Journal entry:

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