[CBSE] Q. 86 solution of Fundamentals of Partnership Firms TS Grewal Book 2022-23 Edition
Solution of Question number 86 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?
Ajay, Binay, and Chetan were partners sharing profits in the ratio of 3:3:2. The Partnership Deed Provided for the following:
i) Salary of ₹ 2,000 per quarter to Ajay and Binay
ii) Chetan was entitled to a commission of ₹ 8,000
iii) Binay was guaranteed a profit of ₹ 50,000 p.a.
The Profit of the firm for the year ended 31st March 2015 was ₹ 1,50,000 which was distributed among Ajay, Binay, and Chetan in the ratio of 2 : 2 : 1, without taking into consideration the provisions of the partnership Deed. Pass necessary rectifying entry for the above adjustments in the books of the firm. Show your working clearly.
Solution:-
1st Method
Working Notes:-
2nd Method
Working Notes:-
3rd Method
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