[CBSE] Q. 63 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 63 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Ram, Shyam, and Mohan were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their capitals were fixed at ₹ 3,00,000, ₹ 1,00,000, ₹ 2,00,000. For the year ended 31st March 2023, interest on capital was credited to them @ 9% instead of 10% p.a. The profit for the year before charging interest was ₹ 2,50,000.

Show your working notes and pass the necessary adjustment entry.

[Ans: Debit Shyam’s Current A/c by ₹ 200 and Mohan’s Current A/c by ₹ 400; Credit Ram’s Current A/c by ₹ 600]

Solution:-

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