Fundamentals | Partnership | Q17,Q18,Q19,Q20,Q21 | Chapter 1 | TS Grewal | Solution

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Solution of question number 17,18,19,20,21 of chapter 2 Fundamental of Partnership of TS Grewal Volume-1 2022 edition.

Question 17.
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. and 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 a loss of Rs 1,00,000 during the year ended 31st March, 2018. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018.

Q18.Bhanu and Partap are partners sharing profits equally. Their fixed capitals as on 1st April, 2017 are ₹ 8,00,000 and ₹ 10,00,000 respectively. Their drawings 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, 2018 was ₹ 1,20,000. Prepare Profit and Loss Appropriation Account.

Page No 2.87:
Question 19:
Amit and Sumit entered into partnership on 1st April, 2019 contributing ` 1,50,000 and 2,50,000 respectively towards capital. The Partnership Deed provided for interest on capital @ 10% p.a. It also provided that Capital Accounts shall be maintained following Fixed Capital Accounts method. The firm earned net profit of 1,00,000 for the year ended 31st March 2020.
Pass the Journal entry for interest on capital.

Question 20:
Kamal and Kapil are partners having fixed capitals of 5,00,000 each as on 31st March, 2019. Kamal introduced further capital of 1,00,000 on 1st October, 2019 whereas Kapil withdrew 1,00,000 on 1st October, 2019 out of capital.
Interest on capital is to be allowed @ 10% p.a.
The firm earned net profit of ` 6,00,000 for the year ended 31st March 2020.
Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account.

Question 21:
Simran and Reema are partners sharing profits in the ratio of 3 : 2. Their capitals as on 31st March, 2020 were `2,00,000 each whereas Current Accounts had balances of `50,000 and `25,000 respectively interest is to be allowed @ 5% p.a. The firm earned net profit of `3,00,000 for the year ended 31st March 2021.
Pass the Journal entries for interest on capital and distribution of profit. Also prepare Profit and Loss Appropriation Account for the year.

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For 2023-24 This video contains questions such as q19 0:01, q20 2:56, q21 6:52, q22 9:14, q23 14:00

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