[CBSE] Q. 67 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 67 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Mita and Usha are partners in a firm sharing profits in the ratio of 2 :3. Their Capital Accounts as on 1st April 2015 showed balances of ₹ 1,40,000 and ₹ 1,20,000 respectively. The drawings of Mita and Usha during the year 2015-16 were ₹ 32,000 and ₹ 24,000 respectively. Both amounts were withdrawn on 1st January 2016. it was subsequently found that the following items had been omitted while preparing the final accounts for the year ended 31st March 2016:

a) Interest on Capital @ 6% p.a.

b) Interest on Drawings @ 6% p.a.

c) Mita was entitled to a commission of ₹ 8,000 for the whole year.

Showing your working clearly, Pass a rectifying entry in the books of the firm.

[Ans.: Debit Usha’s Capital A/c and Credit Mita’s Capital A/c by ₹ 6,816]

Solution:-

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