Class 12|TS Grewal Solution| Volume1|2022-23|Chapter 2| Partnership |Profit & Loss Appropriation A/c

Hello there! I hope you're doing great.🌸❤️ This session helps you to solve Q13 to Q18 of Chapter 2 Accounting for Partnership Firm- Fundamentals of TS Grewal Volume 1| edition 2022. If this session Help you in any way do share it with your Friends and SUBSCRIBE to the Channel.🌸👍🏻 Question 13 Vinod and Mohan are partners. Vinod’s Capital is Rs.1,00,000 and Mohan’s Capital is Rs.60,000. Interest on capital is payable @ 6% p.a. Vinod is to get salary of Rs.3,000 per month. Net Profit for the year is Rs.80,000. Prepare Profit and Loss Appropriation Account. Question 14 X,Y and Z are partners in a firm sharing profits in the ratio of 2:2:1. Fixed capitals of the partners were: X Rs.5,00,000;Y Rs.5,00,000 and Z Rs.2,50,000 respectively. The Partnership Deed provides that interest on capital is to be allowed @ 10%p.a. Z is to be allowed a salary of Rs.2,000 per month. Profit of the firm for the year ended 31st March, 2022 after debiting Z's salary was Rs.4,00,000Prepare Profit and Loss Appropriation Account. Question 15 X and Y are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 8,00,000 and ₹ 6,00,000 respectively. Interest on capital is agreed @ 5% p.a. Y is to be allowed an annual salary of ₹ 60,000 which has not been withdrawn. Profit for the year ended 31st March, 2022 before interest on capital but after charging Y's salary was ₹ 2,40,000.A provision of 5% of the profit is to be made in respect commission to the manager. Prepare Profit & Loss Appropriation Account showing the allocation of profits. Question16 Atul and Mithun are partners sharing profits in the ratio of 3: 2. Balances as on 1st April 2021 were as follows: Capital Accounts (fixed): Atul- Rs 5,00,000 and Mithun- Rs 6,00,000 Loan Accounts: Atul - Rs 3,00,000 (Cr.) and Mithun - Rs 2,00,000 (Dr.) It was agreed to allow and charge interest @ 8% p.a. Partnership Deed provided to allow interest on capital @ 10% p.a. Interest on Drawings was charged Rs 5,000 each. Profit before giving effect to above was Rs 2,28,000 for the year ended 31st March, 2022. Prepare Profit and Loss Appropriation Account. Question17 Reema and Seema are partners sharing profits equally. The Partnership Deed provides that both Reema and Seema will get monthly salary of Rs 15,000 each, Interest on Capital will be allowed @ 5% p.a. Interest on Drawings will be charged @10% p.a. Their capitals were Rs 5,00,000 each and drawings during the year were Rs 60,000 each.The firm incurred net loss of Rs 1,00,000 during the year ended 31st March, 2022.Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2022. Question 18 Bhanu and Partap are partners sharings profits equally. Their fixed capitals as on 1st April, 2021 were ₹ 8,00,000 and ₹ 10,00,000 respectively. Their drawings during the year were ₹ 50,000 and ₹ 1,00,000 respectively. Interest on Capital is a charge and is to be allowed @ 10% p.a. and interest on drawings is to be charged @ 15% p.a. Profit for the year ended 31st March, 2022 before giving effect to the above was ₹ 1,20,000.Prepare Profit and Loss Appropriation Account. DO SUBCRIBE TO US! SHARE YOUR FEEDBACK IN COMMENTS.