[CBSE] Q. 93 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 93 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Ankur, Bhavna, and Disha are partners in a firm. On 1st April 2022, the balances in their capital accounts stood at ₹ 14,00,000, ₹ 6,00,000, and ₹ 4,00,000 respectively. They shared profits in the proportion of 7 : 3 : 2 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Bhavna @ ₹ 50,000 p.a. and a commission of ₹ 3,000 per month to Disha as per the provisions of the partnership Deed. Bhavna’s share of profit (excluding interest on capital) is guaranteed at not less than ₹ 1,70,000 p.a. Disha’s share of profit (including interest on capital but excluding commission) is guaranteed at not less than ₹ 1,50,000 p.a. Any deficiency arising on that account shall be met by Ankur. The profit of the firm for the year ended 31st March 2023 amounted to ₹ 9,50,000.

Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2023.

[Ans: Share of Profit: Ankur – ₹ 4,14,000; Bhavna – ₹ 1,80,000 and Disha – ₹ 1,26,000.]

Solution:-

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