[CBSE] Q. 81 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 81 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

X, Y, and Z entered into a partnership on 1st October 2022 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 2023 was ₹ 1,60,000. Prepare Profit and Loss Appropriation Account.

[Ans: Net Profit – ₹ 1,27,500; Share of Profit: X – ₹ 51,000 – ₹ 1,750 = ₹ 49,250; Y – ₹ 1,27,500 × 3/10 = ₹ 38,250; Z – ₹ 38,250 + ₹ 1,750 = ₹ 40,000]

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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