[ISC] Q. 54 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 54 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Vicky, Vijay, and Veenu are partners sharing profits in the ratio of 5 : 4 : 1, Veenu is given a guarantee that his minimum share of profit in any given year would be at least ₹ 5,000. Deficiency, if any, would be borne by Vicky and Vijay equally. The profit for the year ended 31st March, 2023 was ₹ 40,000

Pass necessary entries in the books of the firm.

Solution:-

Working Notes:-

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