[ISC] Q. 77 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question Number 77 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Anchal, Mitesh, and Avichal entered into a partnership on 1st April 2023 and decided to share profits and losses in the ratio of 3 : 2 : 1. Their capitals were ₹ 1,00,000, ₹ 75,000, and ₹ 50,000 respectively. They agreed to allow interest on capital @ 10% p.a. and agreed to charge interest on drawings @ 10% p.a. Their drawings for the year were ₹ 10,000, ₹ 8,000, and ₹ 6,000 respectively.

Avichal was managing the business and therefore was getting a salary of ₹ 2,000 p.m. and in return, he guaranteed that the firm’s profit would not be less than ₹ 80,000 before charging or allowing interest and salary payable to Avichal. Profit for the year ended 31st March 2024 was ₹ 75,000.

Prepare Profit and Loss Appropriation Account and Partner’s Capital Accounts.

Solution

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