[CBSE] Q. 92 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 92 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 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.

[Ans. Dr. Ajay’s Capital A/c by ₹ 6,400 and Binay’s Capital A/c by ₹ 2,000; Cr. Chetan’s Capital A/c by ₹ 8,400.]

Solution:-

1st Method

Working Notes:-

2nd Method

Working Notes:-

3rd Method

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