[CBSE] Q. 87 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 87 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24.

P, Q, and R entered into a partnership on 1st April 2018 to share profit and losses in the ratio of 12 : 8 : 5. It was provided that in no case R’s share in profit would be less than ₹ 30,000 p.a. The profits and losses for the year ended 31st March, were: 2021 Profit ₹ 1,20,000; 2022 Profit ₹ 1,80,000; 2023 Loss ₹ 1,20,000. Pass the necessary Journal entries in the books of the firm

Solution:-

For the Year 2021:-

For the Year 2022:-

For the Year 2023:-

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