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

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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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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

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One comment

  1. Sir i want ask that in this question it is not given that profit ratio was wrong so why did you have taken back the profit

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