[CBSE] Q. 71 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Share your love

Solution of Question number 71 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Mohan, Vijay, and Anil are partners, the balances of their Capital Accounts being ₹ 30,000; ₹ 25,000, and ₹ 20,000 respectively. In arriving at these amounts profit for the year ended 31st March 2023, ₹ 24,000, and been credited to partners in their profit sharing ratio. Their drawings were ₹ 5,000 (Mohan), ₹ 4,000 (Vijay), and ₹ 3,000 (Anil) during the year. Subsequently, the following omissions were noticed and it was decided to rectify the errors:

a) Interest on capital @ 10% p.a.

b) Interest on drawings; Mohan ₹ 250, Vijay ₹ 200 and Anil ₹ 150.

Make necessary corrections through a Journal entry and show your workings clearly.

[Ans.: Debit Anil by ₹ 550 and Credit Mohan by ₹ 550; Correct profit transferred to each partner ₹ 6,100]

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 for free lectures

Articles: 7061

One comment

  1. Sir please check your worknote 71 in which calculate the opening capital of Mohan. In this question have a minor mistake..! Thanks 😊

Leave a Reply

Your email address will not be published.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

x