[ISC] Q. 50 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question number 50 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Amar and Anthony are partners in a firm. Amar is entitled to a salary of ₹ 20,000 per month and a commission of 10% of the net profit before charging any commission.

Anthony is entitled to a salary of ₹ 50,000 p.a. and a commission of 10% of the net profit after charging salary and all commissions.

Profit after partner’s salaries but before charging any commission for the year ended 31st March 2024 was ₹ 5,50,000.

Show the distribution of profit.

Solution:-

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