TS Grewal Solutions 2026-27 [Class 12] – Partnership Fundamentals – Q 71 to 80

Solution for Q 71 to 80 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, guarantee of profits to partners

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 71

Working Note:
Description	Raghav	Diya
Closing Capital	400000	300000
Add - Drawings	24000	12000
	(2000*12)	(3000*4)
Less - Net Profit	50000	50000
Opening Capital	374000	262000

Interest on Capital @ 10%	37400	26200

Description	Raghav		Diya		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr
Interest on Capital		37400		26200	63600
Interest on Drawings	31800		31800			63600
Profit Distribution	0		0			0

Total	31800	37400	31800	26200	63600	63600
	5600		5600		0
	Cr		Dr		Dr

Journal Entries
Diya Capital A/c Dr..	5600
To Raghav Capital A/c		5600

Question 72

Calculation of Opening Capital
Description	Abhir	Bobby	Vineet
Closing Capital	800000	600000	400000
Add - Drawings	240000	100000	100000
Less - Net Profits (2:2:1)	60000	60000	30000
Opening Capital	980000	640000	470000

Interest on Capital @ 10%	98000	64000	47000	209000
Ratio	98	64	47	209

Interest on Drawings @ 6%	6600	4500	2500	13600

Note :

Here the (Net Profits + Interest on Drawings) is less than the Interest on Capital as shown below

So the same to be distributed in the ratio of Interest on Capital

Net Profits	150000
Add - Interest on Drawings	13600
Total available profits	163600	Interest on Capital	209000

Description	Abhir		Bobby		Vineet		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Incorrect Profits	60000		60000		30000			150000
Correct Distribution
Interest on Capital		76712		50098		36790	163600
Interest on Drawings	6600		4500		2500			13600
Total	66600	76712	64500	50098	32500	36790	163600	163600
	10112		14402		4290
	Cr		Dr		Cr

Journal Entry
Bobby Capital A/c Dr..	14402
To Abhir Capital A//c		10112
To Vineet Capital A/c		4290

Question 73

Calculation of Opening Capital
Description	Saroj	Mahinder	Umar
Closing Capital	80000	60000	40000
Add - Drawings	24000	24000	36000
Less - Profits	40000	30000	10000
Opening Capital	64000	54000	66000

Interest on Capital	6400	5400	6600
	24000	24000	36000
Interest on Drawings	550	550	900
When	End	End	Middle

Description	Saroj		Mahinder		Umar		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Incorrect Profits	8200		6150		2050			16400
Correct Distribution
Interest on Capital		6400		5400		6600	18400
Interest on Drawings	550		550		900			2000

Total	8750	6400	6700	5400	2950	6600	18400	18400
	2350		1300		3650
	Dr		Dr		Cr

Adjustment Entry
Saroj Capital A/c Dr..	2350
Mahinder Capital A/c Dr..	1300
To Umar Capital A/c		3650

Question 74

Description	Pranav		Karan		Rahim		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Correct Items
Interest on Capital		39000		23400		15600	78000
Incorrect Items
Profit distribution	39000		26000		13000			78000

Total	39000	39000	26000	23400	13000	15600	78000	78000
	0		-2600		2600		0
	Dr		Dr		Cr		Cr

Working Note :
Calculation of Interest on Capital	Pranav	Karan	Rahim	Total
Capital	500000	300000	200000
Interest @ 10%	50000	30000	20000	100000
Total Profits				78000
Here total appropriation > Available profits

Allocate available profits in ratio of appropriations
Ratio of Appropriations	5	3	2	10
Interest on Capital	39000	23400	15600	78000

Journal Entry :
Karan Capital A/c Dr..	2600
To Rahim Capital A/c		2600

Question 75

Description	A	B	C	Total
Profit sharing ratio	4	2	1	7

Description	A	B	C	Total
Profits for the year	180000	90000	45000	315000
Guranteed Amount Adjustment	-20000	-10000	30000	0
Balance Share	160000	80000	75000	315000

Question 76

Description	Total	Ashmit	Abbas	Karman
Loss for the year	-30000
Less - Guarantee to Abbas	150000
Loss to be borne by other partners	-180000	-135000		-45000

Question 77

Description	Asha	Disha	Raghav	Total
Profit sharing ratio	2	3	1	6

Description	Asha	Disha	Raghav	Total
Profits for the year	40000	60000	20000	120000
Guranteed Amount Adjustment	-8000	-12000	20000	0
Balance Share	32000	48000	40000	120000

Profit and Loss Appr A/c
Particulars		Amount	Particulars	Amount
To Profit transferred			By Net profit as per P&L A/c	120000
Asha	40000
Less -	8000	32000
Disha	60000
Less - To Raghav	12000	48000
Raghav	20000
Add - Deficency	20000	40000
Total		120000		120000

Question 78

Description	X	Y	Z	Total
Capital	300000	200000	150000
Rate of Interest	10%	10%	10%
Interest on Capital	15000	10000	7500	32500
(Interest for 6 months. Investment on 01-Oct)

Note :

Notice that the partnership started on 01-Oct. Gurateed profits Rs 80000 is for full year

So gurantee for half year will be Rs 40000

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
To Interest on Capital			By Net profit	160000
X	15000
Y	10000
Z	7500	32500

To Profit Transferred :
X	51000
Less - Given to Z	1750	49250
Y		38250
Z	38250
Add - From X	1750	40000

Total		120000	Total	160000

Question 79

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
			By Net profit as per P&L A/c	800000
To Profit Transferred :
Aman	250000
Less - Given to Suresh	50000	200000
Raj	150000
Less - Given to Suresh	50000	100000
Suresh	400000
Add - Deficiency	100000	500000

Total		300000	Total	800000

Question 80

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
To Salary to Bipul		120000	By Net profit as per P&L A/c	660000

To Profit Transferred :
Atul	180000
Less - given to Bipul	10000	170000
Bipul	180000
Add - Deficiency	20000	200000
Charu	180000
Less - given to Bipul	10000	170000

Total		660000	Total	660000

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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