[CBSE] Q. 85 solution of Fundamentals of Partnership Firms TS Grewal Book 2022-23 Edition

Solution of Question number 85 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?

The Partners of a firm, Alia, Bhanu, and Chand distributed the profits for the year ended 31st March 2017. ₹ 8,000 in the ratio of 3:3:2 without providing for the following adjustments:

a) Alia and Chand were entitled to a salary of ₹ 1,500 each per month.

b) Bhanu was entitled for a commission of ₹ 4,000

c) Bhanu and Chand had guaranteed a minimum profit of ₹ 35,000 p.a. to Alia, any deficiency to be borne equally by Bhanu and Chand.

Pass the necessary Journal entry for the above adjustments in the books of the firm. Show workings clearly.

Solution:-

Working Notes:-

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