[ISC] Q. 43 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 43 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Sudha, Shakti, and Savita are partners sharing profits and losses in the proportion of 2/5 : 1/5. Sudha draws ₹ 12,000 every month and Shakti and Savita ₹ 8,000 each every month. The drawings being made on the last day of each month. Before charging interest on Shakti’s loan, interest on drawings and capital @ 10% p.a., and salary of ₹ 40,000 to Shakti and ₹ 60,000 to Savita, Profit for the year ended 31st March 2023 was ₹ 6,00,000. Given the following additional information, prepare the partner’s capital accounts, current accounts, and Profit and Loss Appropriation Account:

	Sudha (₹)	Shakti (₹)	Savita (₹)
Additional Capital brought on 1st October 2022	2,00,000	1,60,000	1,00,000
Capital withdrawn on 1st October 2022	40,000	30,000	–
Current Account on 1st April 2022	–	–	20,000
Loan Account on 1st April 2022	20,000 (Cr.)	8,000 (Dr.)	10,000 (Cr.)
Loan Account on 1st April, 2022	–	40,000

Solution:-

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