[CBSE] Q. 82 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)
Solution of Question number 82 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.
A, B, and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his minimum share of profits in any year would be at least ₹ 50,000. Deficiency, if any, would be borne by A and B equally. Profit for the year ended 31st March 2023 was ₹ 4,00,000.
Pass necessary Journal entries in the books of the firm.
[ Ans: Deficiency of C – ₹ 10,000 borne by A and B equally, i.e., ₹ 5,000 each.]
Solution:-
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