[CBSE] Q. 90 Solution of Fundamentals of Partnership Firms TS Grewal Book (2023-24)

Solution of Question number 90 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2023-24 Edition.

Asgar, Chaman, and Dholu are partners in a firm. Their capital Accounts stood at ₹ 6,00,000 and ₹ 5,00,000 and ₹ 4,00,000 respectively on 1st April 2022. They shared profits and losses in the proportion of 4 : 2 :3. Partners are entitled to interest on capital @ 8% per annum and salary to Chaman and Dholu @ ₹ 7000 per month and ₹ 10,000 per quarter respectively as per the provision of the Partnership Deed.

Dholu’s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of ₹ 1,10,000 p.a. Any deficiency arising on that account shall be met by Asgar. The profit for the year ended 31st March 2023 amounted to ₹ 4,24,000.

Prepare profit and Loss Appropriation Account for the year ended 31st March, 2023.

[Ans.: Share of Profit: Asgar – ₹ 70,000; Chaman – ₹ 40,000 and Dholu – ₹ 70,000.]

Solution:-

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