TS Grewal Solutions 2026-27 [Class 12] – Partnership Fundamentals – Q 61 to 70

T S Grewal Solutions, T S Grewal Solutions 2026-2027, Partnership Accounts Fundamentals /

Solution for Q 61 to 70 of Chapter 1 of T S Grewal Class 12 Accountancy 2026-27 are given below. These partnership fundamentals class 12 T S Grewal Solutions are based on topics past adjustments for incorrect appropriations

Working notes are given with each solution. These help in understanding the steps and are also important for board exams as marks are given for steps. These solutions are also useful for CA Foundation, CS Foundation and CMA Foundation students. The solutions will be helpful for students as well as teachers teaching class 12 accounts.

Question 61
Description Mohan Suhaan Aditi Total        
Capital   200000 100000 100000          
Incorrect Interest @ 8%   16000 8000 8000 32000        
Correct Interest @ 5%     10000 5000 5000 20000        
Description Mohan Suhaan Aditi Firm (P&L Appr)
Dr Cr Dr Cr Dr Cr Dr Cr
InCorrect Interest on Capital 16000   8000   8000     32000
Should be distributed as :                
Correct Interest on Capital   10000   5000   5000 20000  
Balance Profits (In profit ratio)   6000   4000   2000 12000  
                     
  Total   16000 16000 8000 9000 8000 7000 32000 32000
          1000   1000   0  
          Cr   Dr      
Journal Entry  
Aditi's Current A/c Dr.. 1000  
    To Suhaan Current A/c 1000
Question 62
Calculation of Interest on Drawings
       
Description Ram Mohan Total
Drawings per month 3000 4000  
No of months 12 12  
Total Drawings 36000 48000  
Rate of Interest 6% 6%  
Interest period (months) 6 6  
(Assuming drawings at middle of each month)
Total Interest on drawings 1080 1440 2520
       
Description Ram Mohan Sohan Firm
Dr Cr Dr Cr Dr Cr Dr Cr
Interest on Drawings @6%   1080   1440     2520 0
Distribution of profits 1260   630   630     2520
                     
  Total   1260 1080 630 1440 630 0 2520 2520
      180 Dr   810 Cr   630 Dr   0  
Journal Entry  
Ram Capital A/c Dr.. 180  
Sohan Capital A/c Dr.. 630  
     To Mohan Capital A/c 810
Question 63
When capitals are fluctuating:
Calculation of Opening capital
Description Simrat Bir
Closing Balance 480000 600000
Less - Additional Capital 120000 300000
Less - share of profits (3:2) 144000 96000
Add - Drawings against Capital 240000 60000
Add - Drawings against profit 120000 60000
Balance Opening Capital 576000 324000
  OR    
Prepare a trial partner capital A/c
Particulars   Simrat Bir Particulars   Simrat Bir    
        By Balance B/d   576000 324000    
To Cash A/c   240000 60000 By Cash   120000 300000    
To Cash A/c   120000 60000 By P&L Appr (Profit)   144000 96000    
                   
To Bal C/d   480000 600000            
                   
Total   840000 720000     264000 396000    
Calculation of Interest on Capital
Simrat
Date Amount Period Rate Interest   Calculation      
01-Apr-25 576000 1 6% 2880   576000*6/100*1/12      
01-May-25 696000 5 6% 17400   696000*6/100*5/12      
01-Oct-25 456000 6 6% 13680   456000*6/100*6/12      
      Total 33960          
Bir
Date Amount Period Rate Interest   Calculation      
01-Apr-25 324000 1 6% 1620   324000*6/100*1/12      
01-May-25 264000 5 6% 6600   264000*6/100*5/12      
01-Oct-25 564000 6 6% 16920   564000*6/100*6/12      
      Total 25140          
Description Simrat Bir Firm
Dr Cr Dr Cr Dr Cr
Interest on Capital     33960   25140 59100  
Incorrect Distribution as Profits (3:2)   35460   23640     59100
  Balance   35460 33960 23640 25140 59100 59100
        1500 Dr 1500 Cr 0
Journal entry:  
Simrat Capital A/c Dr.. 1500  
     To Bir Capital A/c 1500
When Capitals are fixed
Calculation of Opening capital
Description Simrat Bir
Closing Balance 480000 600000
Less - Additional Capital 120000 300000
Add - Withdraw 240000 60000
Balance Opening Capital 600000 360000
Simrat        
Date Amount Period Rate Interest
01-Apr-25 600000 1 6% 3000
01-May-25 720000 5 6% 18000
01-Oct-25 480000 6 6% 14400
      Total 35400
Bir        
Date Amount Period Rate Interest
01-Apr-25 360000 1 6% 1800
01-May-25 300000 5 6% 7500
01-Oct-25 600000 6 6% 18000
      Total 27300
Description Simrat Bir Firm
Dr Cr Dr Cr Dr Cr
Interest on Capital     35400   27300 62700  
Incorrect Distribution as Profits (3:2)   37620   25080     62700
                   
  Balance   37620 35400 25080 27300 62700 62700
        2220 Dr 2220 Cr 0
Journal Entry :  
Simrat Capital A/c Dr.. 2220  
     To Bir Capital A/c 2220
Question 64
Note :        
Description Mita Usha Total  
Opening Capital 140000 120000    
Interest on Capital @ 6% (A) 8400 7200 15600  
         
Drawings(One time drawings and not every month) 32000 24000    
Interest on Drawings @ 6% (B) 480 360 840 (For 3 months)
(Mita - 32000X6/100X3/12)  
(Usha - 24000X6/100X3/12)  
         
Mita Commission (C) 8000   8000  
         
Net Adjustment amount (A) + (C) - (B) 22760  
         
Description Mita Usha Firm
Dr Cr Dr Cr Dr Cr
Interest on Capital     8400   7200 15600  
Interest on Drawings   480   360     840
Commission     8000     8000  
Distributed as profit   9104   13656     22760
                 
Total 9584 16400 14016 7200 23600 23600
      6816 6816 0
      Cr Dr Dr
Journal Entry:  
Usha Capital A/c Dr.. 6816  
     To Mita Capital A/c 6816
Note :
There are three ommissions a) interest on capital b) interest on drawings c) commission
Since these items were omitted the total amount was distributed in profit sharing ratio incorrectly
Question 65
Note:
While in other questions the error is only to the extent of appropriations
In this question total profits is distributed wrongly as it was distributed in capital ratio
Description A B C Total
Opening Capital 60000 40000 20000  
Interest on Capital @ 5% (A) 3000 2000 1000 6000
Salary to B 18000    
Commission to C @ 5% 3700  
         
Correct Profit & Loss Appropriation A/c      
Particulars     Amount Particulars     Amount      
To Interest on Capital     By Net profit   80000      
A 3000                
B 2000                
C 1000 6000              
                     
To B's Salary   18000              
To C's Commission   3700              
To Profit Transferred :                  
A 20920                
B 20920                
C 10460 52300              
                     
Total     80000 Total     80000      
Incorrect Profit & Loss Appropriation A/c      
Particulars     Amount Particulars     Amount      
        By Net profit   80000      
To Profit Transferred : (Capital ratio)                  
A 40000                
B 26667                
C 13333 80000              
                     
Total     80000 Total     80000      
Description A Cap A/c B Cap A/c C Cap A/c Firm
Dr Cr Dr Cr Dr Cr Dr Cr
Correct Items                  
Interest on Capital     3000   2000   1000 6000  
Salary         18000     18000  
Commission             3700 3700  
Profits     20920   20920   10460 52300  
Incorrect Items                  
Profits   40000   26667   13333     80000
                     
Total   40000 23920 26667 40920 13333 15160 80000 80000
      16080   14253   1827   0  
      Dr   Cr   Cr   Cr  
Journal Entry :  
A's Current A/c Dr.. 16080  
     To B's Current A/c 14253
     To C's Current A/c 1827
Question 66
The below method to be applied when
1) Interest on Capital already paid
2) Question gives closing capitals and we have to find opening capital for calculating interest on capital
Calculation of Opening Capital  
Description Kajal Neerav Alisha Total
Closing Capital 90000 330000 660000 1080000
Add - Drawings 360000 360000 360000 1080000
Less - Profits distributed 120000 30000 30000 180000
Less - Interest on Capital  
Opening Capital with Int on Cap 330000 660000 990000 1980000
Interest on Capital @ 10% 30000 60000 90000 180000
Opening Capital without Interest 300000 600000 900000 1800000
         
Total Profit for the year  
Profit as distributed 180000      
Add - Interest on Capital 180000      
Total 360000      
         
Description Kajal Neerav Alisha Firm
Dr Cr Dr Cr Dr Cr Dr Cr
Incorrect Profits @ 4:1:1   120000   30000   30000     180000
Incorrect Int on Cap @ 10%   30000   60000   90000     180000
Correct Distribution                  
Correct Int on Cap @ 12%     36000   72000   108000 216000  
Correct Profit Equally     48000   48000   48000 144000  
Total 150000 84000 90000 120000 120000 156000 360000 360000
      66000 30000 36000    
      Dr Cr Cr    
Journal Entry:  
Kajal Capital A/c Dr.. 66000  
     To Neerav Capital A/c 30000
     To Alisha Capital A/c 36000
Question 67
Note : Here first we have to find the opening capital as the closing capital is given in question
Description P Q R
Closing Capital 40000 30000 20000
Less - Profits distributed 30000 20000 10000
Add - Drawings 10000 7500 4500
Opening Capital 20000 17500 14500
       
Interest on Capital @ 5% 1000 875 725
Incorrect profit Distribution 1300 867 433
       
Difference -300 8 292
       
Description P Q R Firm
Dr Cr Dr Cr Dr Cr Dr Cr
Correct Items                  
Interest on Capital     1000   875   725 2600  
Incorrect Items                  
Profit distribution   1300   867   433     2600
                     
Total     1300 1000 867 875 433 725 2600 2600
      300   8   292   0  
      Dr   Cr   Cr   Cr  
Journal Entry :  
P's Capital A/c Dr.. 300  
    To Q's Capital A/c 8
    To R's Capital A/c 292
Question 68
Here first we have to find the opening capital as the closing capital is given in question
Description Mohan Vijay Anil
Closing Capital 30000 25000 20000
Less - Profits distributed 8000 8000 8000
(Ratio assumed to be equal)
Add - Drawings 5000 4000 3000
Opening Capital 27000 21000 15000
       
Interest on Capital @ 10% 2700 2100 1500
       
Profit and Loss Appropriation A/c      
Particulars Amount Particulars Amount      
To Interest on Capital     By Profit and Loss A/c   24000      
      Mohan's Capital A/c 2700                
      Vijay's Capital A/c 2100   By Interest on Drawings          
      Anil's Capital A/c 1500 6300       Mohan's Capital A/c 250        
              Vijay's Capital A/c 200        
              Anil's Capital A/c 150 600      
                     
                     
                     
To Profit transferred to :                  
  Mohan's Capital A/c 6100                
  Vijay's Capital A/c 6100                
  Anil's Capital A/c 6100 18300              
                     
Total 24600 Total 24600      
Description Mohan Vijay Anil Firm
Dr Cr Dr Cr Dr Cr Dr Cr
Correct Items                  
Interest on Capital     2700   2100   1500 6300  
Interest on Drawings   250   200   150     600
Profits Impact   1900   1900   1900     5700
Total   2150 2700 2100 2100 2050 1500 6300 6300
      550 0 550 0
      Cr Cr Dr Cr
Journal Entry  
Anil's Capital A/c Dr.. 550  
    To Mohan's Capital A/c 550
Question 69
Working Note :      
Description Mudit Sudhir Uday Total
Opening capital 400000 160000 120000  
         
Interest on capital @ 2.5% 10000 4000 3000 17000
Salary 18000     18000
Commission   12000 12000
Mudit Commission 3000     3000
Correct Distribution of profits 30000 10000 10000 50000
Above amount incorrectly distributed in profit sharing ratio
Incorrect Distribution 60000 20000 20000 100000
         
Description Mudit cap A/c Sudhir cap A/c Uday cap A/c Firm (P&L Appr A/c)
Dr Cr Dr Cr Dr Cr Dr Cr
Correct Items                  
Interest on Capital     10000   4000   3000 17000  
Salary     18000         18000  
Commission     3000       12000 15000  
                     
Profit distribution   30000   10000   10000     50000
                     
Total   30000 31000 10000 4000 10000 15000 50000 50000
      1000 6000 5000 0
      Cr Dr Cr Cr
Journal Entry:  
Sudhir Current A/c Dr.. 6000  
    To Mudit Current A/c 1000
    To Uday Current A/c 5000
Note :  
Calculation of Mudit Commission
Net Profits 100000
Less - Interest on Capital 17000
Less - Salary 18000
Less - Commission to Uday 12000
   
Divisible Profits before Mudit Commission 53000
Mudit Commission 3000
(53000 X 6 / (100 + 6)
Question 70
Calculation of Opening capital  
Description Piya Bina Total  
Closing Capital 80000 40000    
Less - Profits 18000 12000    
Add - Drawings 8000 4000    
Opening Capital 70000 32000    
         
Interest on Capital @ 12% 8400 3840 12240 ommission
Salary 12000   12000 ommission
         
Description Piya Bina Firm
Dr Cr Dr Cr Dr Cr
Interest on Capital     8400   3840 12240  
Salary     12000     12000  
Profit Distribution   14544   9696     24240
                 
Total   14544 20400 9696 3840 24240 24240
      5856 5856 0
      Cr Dr Dr
Journal Entry :  
Bina Capital A/c Dr.. 5856  
     To Piya Capital A/c 5856

Q 1-10 | Q 11-20 | Q 21-30 | Q 31-40 | Q 41-50 | Q 51-60 | Q 61-70 | Q 71-80 | Q 81-92

T S Grewal Solutions – Partnership Firms Fundamentals – All Questions

T S Grewal Solutions Class 12 2026-27 – All Chapters

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