[ISC] Q. 4 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 4 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Amitabh presents the following Profit and Loss Appropriation Account to his Partner Bharat:

Profit & Loss Appropriation Account for the year ended 31st March, 2023

ParticularsParticulars
To Salary A/c (Amitabh)
To Salary A/c (Bharat)
To Interest on Capital @ 6% p.a.:
Amitabh on ₹ 50,000
Bharat on ₹ 20,000
To Interest on Amitabh’s Loan @ 6% p.a.
To Rent A/c (Bharat)
To Profit transferred to:
3/5th to Amitabh’s Capital A/c
2/5th to Bharat’s Capital A/c
20,000
14,000
3,000
1,200
6,000
3,000
7,680
5,120
By Profit & Loss A/c (Net Profit)60,000
60,00060,000

They do not have a Partnership Deed. Bharat is of the opinion that the Profit & Loss Appropriation Account is not correctly drawn. State whether Amitabh has contravened the Provisions of Law and Prepare, Profit and Loss Appropriation Account afresh giving effect to the provisions of the Indian Partnership Act, 1932.

Solution:-

1st Method

2nd Method

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