[ISC] Q. 92 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question Number 92 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Alex, John, and Sam are partners in a firm. Their capital accounts on 1st April 2015, stood at ₹ 1,00,000; ₹ 80,000, and ₹ 60,000 respectively.

Each partner withdrew ₹ 5,000 during the financial year 2015 – 16.

As per the provisions of their partnership Deed:

(a) John was entitled to a salary of ₹ 1,000 per month.

(b) Interest on capital was to be allowed @ 10% per annum.

(c) Interest on drawings was to be charged @ 4% per annum.

(d) Profits and losses were to be shared in the ratio of their capitals.

The net profit of ₹ 75,000 for the year ended 31st March 2016, was divided equally among the partners without providing for the terms of the deed.

You are required to pass a Single Adjustment Journal Entry to rectify the error. (Show the workings clearly).

Solution

Here is the list of all Solutions.

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60

S.N	Questions
61	Question – 61
62	Question – 62
63	Question – 63
64	Question – 64
65	Question – 65
66	Question – 66
67	Question – 67
68	Question – 68
69	Question – 69
70	Question – 70

S.N	Questions
71	Question – 71
72	Question – 72
73	Question – 73
74	Question – 74
75	Question – 75
76	Question – 76
77	Question – 77
78	Question – 78
79	Question – 79
80	Question – 80

S.N	Questions
81	Question – 81
82	Question – 82
83	Question – 83
84	Question – 84
85	Question – 85
86	Question – 86
87	Question – 87
88	Question – 88
89	Question – 89
90	Question – 90
91	Question – 91
92	Question – 92