[CBSE] Q. 72 solution of Fundamentals of Partnership Firms TS Grewal Book (2022-23)
Solution of Question number 72 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?
Capitals of Kajal, Neerav, and Alisha as on 31st March 2022 were ₹ 90,000, ₹ 3,30,000, and ₹ 6,60,000 respectively. Profit of ₹ 1,80,000 for the year ended 31st March 2022 was distributed in the ratio of 4:1:1 after allowing interest on capital @ 10% p.a. During the year, each partner withdrew ₹ 3,60,000. The Partnership Deed was silent as to profit sharing ratio bu provided for interest on capital @ 12% p.a. Pass the necessary adjustment entry showing the working clearly.
[Ans.: Debit Kajal by ₹ 66,000 and Credit Neerav by ₹ 30,000 and Alisha by ₹ 36,000.]
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