[CBSE] Q. 78 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 78 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Capitals of Kajal, Neerav, and Alisha as on 31st March 2023 were ₹ 90,000, ₹ 3,30,000, and ₹ 6,60,000 respectively. Profit of ₹ 1,80,000 for the year ended 31st March 2023 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.]

Solution:-

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