[CBSE] Q. 95 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 95 of the Fundamentals of partnership firm chapter TS Grewal Book CBSE 2024-25 Edition.

Ankur, Bhavna, and Disha are partners in a firm. On 1st April 2023, the balances in their capital accounts stood at ₹ 14,00,000, ₹ 6,00,000, and ₹ 4,00,000 respectively. They shared profits in the proportion of 7 : 3 : 2 respectively. Partners are entitled to interest on capital @ 6% per annum and salary to Bhavna @ ₹ 50,000 p.a. and a commission of ₹ 3,000 per month to Disha as per the provisions of the partnership Deed. Bhavna’s share of profit (excluding interest on capital) is guaranteed at not less than ₹ 1,70,000 p.a. Disha’s share of profit (including interest on capital but excluding commission) is guaranteed at not less than ₹ 1,50,000 p.a. Any deficiency arising on that account shall be met by Ankur. The profit of the firm for the year ended 31st March 2024 amounted to ₹ 9,50,000.

Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024.

[Ans: Share of Profit: Ankur – ₹ 4,14,000; Bhavna – ₹ 1,80,000 and Disha – ₹ 1,26,000.]

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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