[ISC] Q. 38 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 38 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Abhay, Amit, and Ankit are partners in a firm sharing profits in the ratio of 2 : 2 : 1. Fixed Capitals as on 1st April 2022 of the partners were: Abhay ₹ 5,00,000; Amit ₹ 5,00,000; and Ankit ₹ 2,50,000.

The Partnership Deed provides that the interest on capital is to be allowed @ 10% p.a. and that Anki be allowed a salary of ₹ 2,000 per month.

The profit of the firm for the year ended 31st March 2023 after debiting Ankit’s salary was ₹ 4,00,000.

Prepare Profit and Loss Appropriation Account.

Solution:-

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