[CBSE] Q. 55 solution of Fundamentals of Partnership Firms TS Grewal Book 2023-24 Edition

Share your love

Are you looking for the solution of Question number 55 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition?

Question number 55 of Accounting for Partnership Firms – Fundamentals is a theoretical one.

Solution of Question number 55 of Accounting for Partnership Firms – Fundamentals TS Grewal Book CBSE 2023-24 Edition

Q. 55

Yadu, Vidu, and Radhu were partners in a firm sharing profits in the ratio of 4 : 3 : 3. Their fixed capitals on 1st April 2018 were ₹ 9,00,000, ₹ 5,00,000 and ₹ 4,00,000 respectively. On 1st November 2018, Yadu gave a loan of ₹ 80,000 to the firm, as per the partnership agreement.

(i) The partners were entitled to an interest on capital @ 6% p.a.

(ii) Interest on partner’s drawings was to be charged @ 8% p.a.

The firm earned a profit of ₹ 2,53,000 (after interest on Yadu’s Loan) during the year 2018-19. Partner’s drawings for the year amounted to:

Yadu – ₹ 80,000, Vidu – ₹ 70,000 and Radhu – ₹ 50,000.

Prepare Profit and Loss Appropriation Account for the year ending 31st March 2019.

[Ans: Share of Profit: Yadu – ₹ 61,200; Vidu – ₹ 45,900; Radhu – ₹ 45,900.]

[Hint: Interest on drawings is charged on the total amount for an average period of 6 months]

Solution:-

Here is the list of all Solutions.

S.NQuestions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NQuestions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NQuestions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NQuestions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NQuestions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
49Question – 49
50Question – 50
S.NQuestions
51Question – 51
52Question – 52
53Question – 53
54Question – 54
55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
S.NQuestions
61Question – 61
62Question – 62
63Question – 63
64Question – 64
65Question – 65
66Question – 66
67Question – 67
68Question – 68
69Question – 69
70Question – 70
S.NQuestions
71Question – 71
72Question – 72
73Question – 73
74Question – 74
75Question – 75
76Question – 76
77Question – 77
78Question – 78
79Question – 79
80Question – 80
S.NQuestions
81Question – 81
82Question – 82
83Question – 83
84Question – 84
85Question – 85
86Question – 86
87Question – 87
88Question – 88
89Question – 89
90Question – 90
S.NQuestions
91Question – 91
92Question – 92
93Question – 93
94Question – 94
95Question – 95
Share your love
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 and can download the Android & ios app for free lectures.

Articles: 5718

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh