TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
57 :- Reya, Mona and Nisha shared profits in the ratio of 3:2:1. Profits for the last three years were Rs 1,40,000, Rs 84,000 and Rs 1,06,000 respectively. These profits were however, distributed equally. The error is now to be corrected.
Give the necessary journal entry.
58 :- Atul and Geeta are partners in a firm sharing profits and losses in the ratio of 3:2. Their fixed capitals were Rs 4,00,000 and Rs 2,00,000 respectively. After the accounts for the year prepared, it was noticed that interest on capital @6% p.a. as provided in the partnership deed, was not credited to the capital accounts of partners before distribution of profits.
Pass the necessary adjusting journal entry. Show your workings clearly.
59 :- Ram, Mohan and Sohan sharing profits and losses equally have opening capitals of Rs 1,20,000, Rs 90,000 and Rs 60,000 respectively. For the year ended 31st March, 2025, interest was credited to them @6% p.a. instead of 5% p.a.
Pass the adjustment journal entry
60 :- Mohan, Suhaan and Adit were partners in a firm sharing profits and losses in the ratio of 3:2:1. Their fixed capitals were Rs 2,00,000, Rs 1,00,000 and Rs 1,00,000 respectively. For the year ended 31st March 2025, interest on capital was credited to their accounts @8% p.a. instead of 5% p.a.
Pass necessary adjusting journal entry. show your working clearly.
61 :- Ram, Shyam and Mohan were partners in a firm sharing profits and losses in the ratio of 2:1:2. Their capitals were fixed at Rs 3,00,000, Rs 1,00,000, Rs 2,00,000. For the year ended 31st March, 2025, interest on capital was credited to them @9% instead of 10% p.a. Profit for the year before charging interest was Rs 2,50,000.
Show your workings notes and pass the necessary adjustment entry.
Question 1 to 5 (Partnership Deed)
Question 6 to 8 (Interest on loan by partner to the firm)
Question 9 – 13 (Interest on Loan to the firm by Partner and Loan by the Firm to Partner)
Question 14 – 19 (Profit & Loss Appropriation Account)
Question 20 – 22 (Fixed Capital)
Question 23 to 25 (Fluctuating capital)
Question 26 (When interest on capital is an appropriation and profits are inadequate)
Question 27 to 31 (Calculation of interest on partners capital)
Question 32 to 35 (Salary or commission to partners)
Question 36 to 41 (Calculation of interest on partners drawings, amount of drawings and rate of interest on drawings)
Question 42 to 46 (Calculation of interest on partners drawings, amount of drawings and rate of interest on drawings)
Question 47 to 50 (Profit and loss appropriation account and partner’s capital account)
Question 51 to 53 (Transfer of profits to reserve)
Question 54 to 55 (Appropriations more than available profits)
Question 56 – (Adjusting and transfer entries)
Question 57 to 61 (Adjustments for incorrect appropriations in the past [past adjustments])
Question 62 to 66 (Adjustments for incorrect appropriations in the past)
Question 67 to 72 (Adjustments for incorrect appropriations in the past)
Question 73 to 75 (Adjustments for incorrect appropriations in the past)
Question 76 to 80 (Guarantee of minimum profit to a partner)
Question 81 to 85 (Guarantee of minimum profit to a partner)
Question 86 to 89 (Guarantee of minimum profits to a partner)
Question 90 – 91 (Minimum earnings guaranteed by a partner)