[CBSE] Q. 84 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 84 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Parul, Prerna, and Kaushal are partners sharing profits equally. Parul is guaranteed a minimum annual profit of ₹ 2,00,000. Kaushal is to get a commission @ 5% of Net Sales and the commission is determined at ₹ 50,000. Net Profit for the year ended 31st March 2023 is ₹ 2,50,000.

Prepare Profit and Loss Appropriation Account for the year.

[Ans: Share of Profit: Parul – ₹ 2,00,000; Prerna – Nil and Kaushal – Nil.]

Solution:-

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