[CBSE] Q. 76 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 76 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition.

Mannu and Shrishti are partners in a firm sharing profits in the ratio of 3 : 2. Following information is of the firm as on 31st March 2023:

Liabilities		₹	Assets	₹
Mannu’s Capital Shrishti’s Capital	3,00,000 1,00,000	4,00,000	Drawings Mannu Shrishti Other Assets	40,000 20,000 3,40,000
		4,00,000		4,00,000

Profit for the year ended 31st March 2023 was ₹ 50,000 which was divided in the agreed ratio, but interest @ 5% p.a. on capital and @ 6% p.a. on drawings was inadvertently omitted. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

[Ans: Debit Shrishti and Credit Mannu by ₹ 2,880]

Solution:-

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