[CBSE] Q. 85 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 85 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Nimrat, Maira, and Kabir are partners sharing profits in the ratio of 2:2:1. Nimrat is guaranteed a minimum profit of ₹ 1,60,000 per annum. Net Profit for the year ended 31st March 2023 is ₹ 1,00,000. Prepare Profit and Loss Appropriation Account for the year.

[Ans: Nimrat will get ₹ 1,60,000 (Guaranteed Profit); Loss of ₹ 60,000 will be shared by Maira and Kabir in 2 : 1 ratio.]

Solution:-

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