[CBSE] Q. 75 solution of Fundamentals of Partnership Firms TS Grewal Book (2022-23)
Solution of Question number 75 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2022-23 Edition?
X, Y, and Z entered into a partnership on 1st October 2021 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 ₹ 8,000 in a year. Capital contributions were: X – ₹ 3,00,000, Y – ₹ 2,00,000, and Z – ₹ 1,50,000.
Profit for the year ended 31st March 2022 was ₹ 1,60,000. Prepare Profit and Loss Appropriation Account.
Solution:-
Note:- As partners started business on 1st October, thus interest on capital and guarantee to partners are provided only for six months from 1st October to 31st March.
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