[CBSE] Q. 58 Solution of Fundamentals of Partnership Firms TS Grewal Book 2023-24 Edition

Solution of Question number 58 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Kabir, Zoravar, and Parul are partners sharing profits in the ratio of 5 : 3 : 2. Their capitals as on 1st April 2022 were: Kabir – ₹ 5,20,000, Zoravar – ₹ 3,20,000 and Parul – ₹ 2,00,000.

The Partnership Deed provided as follows:

(i) Kabir and Zoravar each will get a salary of ₹ 24,000 p.a.

(ii) Parul will get a commission of 2% of Net Sales

(iii) Interest on Capital is to be allowed @ 5% p.a.

(iv) Interest on Drawings is to be charged @ 5% p.a.

(v) 10% of the Divisible Profit is to be transferred to General Reserve.

Net Sales for the year ended 31st March 2023 were ₹ 50,00,000. Drawings by each of the partners during the year were ₹ 60,000. Net Profit for the year was ₹ 1,55,500.

Prepare Profit and Loss Appropriation Account for the year ended 31st March 2023.

[Ans: Share of Profit: kabir – ₹ 40,000; Zoravar – ₹ 32,000; Parul – ₹ 88,000]

[Hints:

1. Since net profit is not adequate to meet the appropriations, it is distributed in the ratio of appropriation to be made, i.e., ₹ 50,000 : ₹ 40,000 : ₹ 1,10,000 or 5 : 4 : 11.
2. In the absence of divisible profit, the amount will not be transferred to General Reserve.

Solution:-

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