[CBSE] Q. 74 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 74 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition.

Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 : 2. Following was the Balance Sheet of the firm as on 31st March 2016:

The Profits ₹ 30,000 for the year ended 31st March 2016 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to Piya @ ₹ 1,000 per month. During the year, Piya withdrew ₹ 8,000 and Bina withdrew ₹ 4,000. Showing your working notes clearly. Pass the necessary rectifying entry.

[Ans.: Debit Bina’s Capital A/c and Credit Piya’s Capital A/c by ₹ 5,856]

Solution:-

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