TS Grewal Solutions (2025 – 26) – Accounting for partnership firm – Fundamentals
76 :- A, B, and C were in partnership sharing profits and losses in the ratio of 4 : 2 : 1. It was provided that C’s share in profit for a year would not be less than Rs 75,000. Profit for the year ended 31st March, 2025 is Rs 3,15,000. You are required to show the appropriation among the partners, Profit and Loss Appropriation account is not required.
77 :- Asha, Disha and Raghav were partners in a firm sharing profits and losses in the ratio of 2:3:1. According to the partnership agreement, Raghav was guaranteed an amount of Rs 40,000 as his share of profits. The net profit for the year ended 31st March, 2022 amounted to Rs 1,20,000.
Prepare profit and loss appropriation account of the firm for the year ended 31st March, 2022
78 :- X, Y, and Z entered into a partnership on 1st October, 2024 to share profits in the ratio of 4:3:3. X, personally guaranteed that Z’s share of profit after allowing interest on capital @ 10% p.a. would not be less than ₹ 80000 in a year. Capital contributions were: X – Rs 3,00,000, Y – ₹ Rs 2,00,000, and Z – Rs 1,50,000.
Profit for the year ended 31st March, 2025 was Rs 1,60,000. Prepare profit and loss appropriation account.
79 :- A, B, and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his minimum share of profits in any year would be at least Rs 50,000. Deficiency, if any, would be borne by A and B equally. Profit for the year ended 31st March, 2025 was Rs 4,00,000.
Pass the necessary journal entries in the books of the firm.
80 :- Atul, Bipul, and Charu are partners sharing profits equally. Bipul is guaranteed a minimum profit of Rs 2,00,000 per annum. Salary is payable to Bipul of Rs 10,000 per month. Net Profit for the year ended 31st March, 2025 is Rs 6,60,000.
Prepare profit and loss appropriation account for the year
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)