[ISC] Q. 34 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 34 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Mina, Shina, and Tina are in partnership and during the year ended 31st March 2023 earn a profit of ₹ 1,04,000. Mina and Shina are to get 5% p.a. interest on their capitals of ₹ 1,20,000 and ₹ 2,00,000 respectively while Tina, who does not have capital in the firm, is entitled to a salary of ₹ 25,000 p.a.

Tina is also entitled to a commission of 5% on the profits after charging interest, salary, and commission.

It is further agreed that the balance profit should be appropriated as to 20% for Charity Fund and the balance to be shared by the partners.

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

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