[ISC] Q. 48 solution of Fundamentals of Partnership Firms TS Grewal Book (2022-23)
Solution of Question number 48 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2022-23 Edition ISC Board?
Solution:-
Case – I
Case – 2 (Fixed Capital Method)
Working Notes:-
Calculation of General Reserve
20% of Net Profit
313437 × 20/100 = ₹ 62687.4
Calculation of Interest on Drawings
Roli:-
1,00,000 × 10% × 6/12 = ₹ 5,000
Moli:-
1,25,000 × 10% × 6/12 = ₹ 6,250
If date of drawings is not given, the interest on the total drawings ic calculated for 6 months on average basis.
Partner’s Profit sharing ratio:-
Capital Ratio = 2,00,00 : 1,50,000 = 4 : 3
Distribution Profit:
Roli:-
2,00,000 × 4/7 = ₹ 30,000
Moli:-
1,50,000 × 3/7 = ₹ 22,500
Here is the list of all Solutions.
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