[ISC] Q. 45 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 45 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Ankit and Bimla are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 50,000 and ₹ 30,000 respectively. Interest on capital is agreed @ 6% p.a. Bimla is to be allowed a salary of ₹ 2,500 p.a. During the year ended 31st March 2023, profit prior to calculation of the interest on capital but after charging Bimla’s salary was ₹ 12,500. Provision of 5% of the net profit is to be made in respect of the Manager’s Commission.

Prepare the account showing the allocation of profits and partner’s Capital Accounts.

Solution

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