[ISC] Q. 48 solution of Fundamentals of Partnership Firms TS Grewal Book (2022-23)

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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

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