[ISC] Q. 10 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 10 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Om and Shiv entered into a partnership on 1st April 2022 without any Partnership Deed. They introduced capitals of ₹ 5,00,000 and ₹ 3,00,000 respectively. On 31st October 2022, Om advanced ₹ 2,00,000 as a loan to the firm without an agreement as to interest.

The profit and Loss Account for the year ended on 31st March showed a profit of ₹ 4,30,000, but the partners could not agree on the amount of interest on a loan to be charged and the basis of the division of profits.

Pass a Journal entry for the distribution of the profit between the partners and prepare the Capital Accounts of both the partners and the Loan Account of Shiv.

Solution:-

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