[CBSE] Q. 86 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 86 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Ashmit, Abbas, and Karman are partners sharing profits in the ratio of 3:2:1. Abbas is guaranteed a minimum profit of ₹ 1,50,000 per annum. The firm incurred a loss for the year ended 31st March 2023 of ₹ 30,000.

Prepare Profit and Loss Appropriation Account for the year.

[Ans: Abbas will get guaranteed amount of ₹ 1,50,000; Total Loss of ₹ 1,80,000 will be shared by Ashmit and Karman in 3 : 1 ratio.]

Solution:-

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