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

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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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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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