TS Grewal Solutions 2026-27 [Class 12] – Partnership Fundamentals – Q 81 to 92

Solution for Q 81 to 92 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 guarantee of profits to partners, earnings guarantee in partnership

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 81

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
To Commission to Kaushal		50000	By Net profit as per P&L A/c	250000

To Profit Transferred :
Parul	66667
Add - Deficiency	133333	200000
Prerna	66667
Less - given to Parul	66667	0
Kaushal	66667
Less - given to Parul	66667	0

Total		250000	Total	250000

Question 82

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars		Amount
			By Net profit as per P&L A/c		100000
To Profit Transferred :
Nimrat	40000
Add - Deficiency	120000	160000	To Loss Transferred :
			Maira	40000
			Less - given to Nimrat	80000	40000
			Kabir	20000
			Less - given to Nimrat	40000	20000

Total		160000	Total		160000

Question 83

Description	Anand	Ridhi	Shyam
Capital	100000	60000	40000
Interest on Capital @ 9%	9000	5400	3600
Interest on Capital @ 7%	7000	4200	2800

Description	Anand		Ridhi		Shyam		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Incorrect interest on Capital	9000		5400		3600			18000
Correct interest on Capital		7000		4200		2800	14000
Profit Adjustment		1600		1600		800	4000

Total	9000	8600	5400	5800	3600	3600	18000	18000
	400		400		0
	Dr		Cr

Journal Entry
Anand Current A/c Dr..	400
To Ridhi Current A/c		400

Question 84

P	Q		R is admitted for 1/8 share
5	3

New profit sharing ratio will be :
(Refer chapter 3 to learn the method of finding new profit sharing ratio)
P	Q	R	Total
35	21	8	64

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
			By Net profit as per P&L A/c	400000
To Profit Transferred :
P	218750
Less - Given to R	15000	203750
Q	131250
Less - Given to R	10000	121250
R	50000
Add - Deficiency	25000	75000

Total		400000	Total	400000

Question 85

Description	Paras	Pawan	Raman	Total
Profit sharing ratio	3	2	1	6
Share of Profit	150000	100000	50000	300000
Add - Deficiency			25000	25000
Less - Share Given	-15000	-10000		-25000
Final Share iof Profit	135000	90000	75000	300000

Journal Entries:
Profit and Loss Appr A/c Dr..	300000
To Paras Capital A/c		150000
To Pawan Capital A/c		100000
To Raman Capital A/c		50000
(Profits distributed in profit sharing ratio)

Paras Capital A/c Dr..	15000
Pawan Capital A/c Dr..	10000
To Raman Capital A/c		25000
(Being deficiency adjusted)

Question 86

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
			By Net profit	225000
To Profit Transferred :
A	108000
Less - Given to C	11250	96750
B	0	0
C	45000
Add - Deficiency	11250	56250

Total		96750	Total	225000

Working Note :
C's earnings as a manager
Calculation of Commission
Net profits for the year	225000
Less - Salary	27000
Net Profit after Salary	198000	(225000-27000)
Commission after such commission @ 10%	18000	(198000*10/110)
(198000 X 10 / (100+10)

Working Note:
Calculation of C's total earnings as a manager
Salary	27000
Commission	18000
Total	45000

C's share as a partner
(225000*1/4)	56250	(225000*1/4)
Excess as a partner	11250
(ऐसा मान कर profit distribute करें जैसे सी अभी भी मैनेजर है )

Working Note :
Profit share of A and B
Total profits	225000
Less - C's share as a manager	45000	+11250
Balance Profits	180000

A's share (3/5)	108000
Less - Given to C	11250	96750
B's share (2/5)		72000

Question 87

Description	Alia	Bhanu	Chand	Total
Incorrect Profit distibution	30000	30000	20000	80000
Correct Profit Distribution :
Salary	18000		18000	36000
Commission		4000		4000

Profit share	15000	15000	10000	40000	(80000-36000-4000)
Gurantee Adjustment	20000	-10000	-10000	0
Total Share	35000	5000	0	40000

Description	Alia Cap A/c		Bhanu Cap A/c		Chand Cap A/c		Firm (P&L Appr)
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Salary		18000				18000	36000
Commission				4000			4000
Gurantee Adjustment		20000	10000		10000		0
Profit distribution	15000		15000		10000			40000
Total	15000	38000	25000	4000	20000	18000	40000	40000
	23000		21000		2000
	Cr		Dr		Dr

Description	Alia		Bhanu		Chand		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Incorrect Profits	30000		30000		20000			80000

Correct Distribution
Salary		18000				18000	36000
Commission				4000			4000
Correct Profit distribution		35000		5000		0	40000
Total	30000	53000	30000	9000	20000	18000	80000	80000
	23000		21000		2000
	Cr		Dr		Dr

Journal Entries
Chand Capital A/c Dr..	2000
Bhanu Capital A/c Dr..	21000
To Alia Capital A/c		23000

Question 88

Description	Ajay	Binay	Chetan	Total
Incorrect Profit distibution	60000	60000	30000	150000
(without appr and incorrect ratio)

Correct Profit Distribution :
Salary	8000	8000		16000
Commission			8000	8000

Profit share	47250	47250	31500	126000	(150000-16000-8000)
Gurantee Adjustment	-1650	2750	-1100	0
(Ajay and Chetan bear in mutual ratio of 3:2)
Total Share	45600	50000	30400	126000

Description	Ajay		Binay		Chetan		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Incorrect Profit distribution	60000		60000		30000			150000
Salary		8000		8000			16000
Commission						8000	8000
Gurantee Adjustment	1650			2750	1100
Correct Profit distribution		47250		47250		31500	126000
Total	61650	55250	60000	58000	31100	39500	150000	150000
	6400		2000		8400
	Dr		Dr		Cr

Description	Ajay		Binay		Chetan		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Incorrect Profits	60000		60000		30000			150000

Correct Distribution
Salary		8000		8000			16000
Commission						8000	8000
Correct Profit distribution		45600		50000		30400	126000
Total	60000	53600	60000	58000	30000	38400	150000	150000
	6400		2000		8400
	Dr		Dr		Cr

Journal Entries
Ajay Capital A/c Dr..	6400
Binay Capital A/c Dr..	2000
To Chetan Capital A/c		8400

Question 89

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
To Interest on Capital			By Net profit as per P&L A/c	950000
Ankur	84000
Bhavna	36000
Disha	24000	144000

To Bhawna Salary		50000

To Disha's Commisison		36000

To Profit Transferred :
Ankur	420000
Less - To Disha	6000	414000
Bhavna		180000
Disha	120000
Add - From Ankur	6000	126000

Total		950000	Total	950000

Working Note :
Calculation of Deficiency for Bhavna
Salary	50000
Profit share	180000
Total	230000
Gurantee Amount	170000

Note :

No Gurantee claim required for Bhavna as share of profit already higher than minimum gurantee amount

Calculation of Deficiency for Disha
Interest on Capital	24000
Profit sharre	120000
Total	144000	(24000+120000)
Less - Gurantee	150000

Deficiency	6000	(150000-144000)

Question 90

Journal entries
Xen Capital A/c Dr..	40000
Sam Capital A/c Dr..	40000
Tim Capital A/c Dr..	40000
To Profit and Loss Adjustment A/c		120000
(Wrong profit distribution reversed)

Sam's Capital A/c Dr..	15000
To Profit and Loss Adjustment A/c		15000
(Shortfall in profit)

Profit and Loss Adjustment A/c Dr..	135000
To Xen Capital A/c		54000
To Sam Capital A/c		54000
To Tim Capital A/c		27000
(Profit rectified distributed)

In case single entry was required then the following method will be followed

(Given here only for information, not required in solution)

Description	Xen		Sam		Tim		Firm
Description	Dr	Cr	Dr	Cr	Dr	Cr	Dr	Cr
Incorrect Profits	40000		40000		40000			120000
Gurantee Adjustment			15000					15000
Correct Profit distribution		54000		54000		27000	135000
Total	40000	54000	55000	54000	40000	27000	135000	135000
	14000		1000		13000
	Cr		Dr		Dr

Journal Entries:
Tim Capital A/c Dr..	13000
Sam Capital A/c Dr..	1000
To Xen Capital A/c		14000

Question 91

Profit & Loss Appropriation A/c
Particulars		Amount	Particulars	Amount
			By Net profit	75000
To Profit Transferred :
Abhijit	42000		By Baljit Capital A/c	9000
Less - To Charanjit	600	41400	(Gurantee of gross fees)
Baljit	28000
Less - To Charanjit	400	27600
Charanjit	14000
Add - From	1000	15000

Total		84000	Total	84000

Working Note :
Fees Guarantee Journal entry:
Baljit Capital A/c Dr..	9000
To Profit and Loss appr A/c		9000

Profit Guarantee journal entries :
P & L Apppr A/c Dr..	84000
To Abhijit Cap A/c		42000
To Baljit Cap A/c		28000
To Charanjit Cap A/c		14000

Abhijit Cap A/c Dr..	600
Baljit Cap A/c Dr..	400
To Charanjit Cap A/c		1000