[ISC] Q. 12 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 12 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Mona and Roma contribute as capital ₹ 2,00,000 and ₹ 1,00,000 respectively. They decide to allow interest on capital @ 6% p.a. Their profit sharing ratio is 2 : 3 and profit (before interest) for the year is ₹ 15,000. Show the distribution of profits.

(i) Where there is no agreement except for interest on capitals, and

(ii) Where an agreement exists that the interest on capital will be allowed whether the firm earns a profit or incur a loss.

Solution:-

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