[CBSE] Q. 51 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 51 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

Amit and Vijay started a partnership business on 1st April 2022. Capital invested by them were ₹ 2,00,000 and ₹ 1,50,000 respectively. The partnership deed provided as follows:

(a) Interest on Capital be allowed @ 10% p.a.

(b) Amit to get a salary of ₹ 2000 per month and Vijay ₹ 3000 per month.

(c) Profits are to be shared in the ratio of 3 : 2.

Net Profit for the year ended 31st March 2023 was ₹ 2,16,000. Interest charged on drawings was ₹ 2,200 for Amit and ₹ 2,500 for Vijay.

Prepare Profit and Loss Appropriation Account.

[Ans: Share of Profit: Amit – ₹ 75,420; Vijay – ₹ 50,280.]

Solution:-

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