[ISC] Q. 46 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition
Solution of Question number 46 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.
On 1st April 2022, Lal, Bal, and Pal enter into a partnership contributing ₹ 2,50,000; ₹ 1,30,000, and ₹ 1,20,000 respectively, and sharing profits and losses in the ratio of 5 : 3: 2. Bal and Pal are entitled to salaries of ₹ 16,000 and ₹ 14,500 respectively per year. Interest on capital is allowed @ 5% p.a. and 5% interest is charged on drawings.
During the year ended 31st March 2023, Lal withdrew ₹ 40,000; Bal ₹ 25,000, and Pal ₹ 15,000.
Interest on drawings being Lal – ₹ 2,250; Bal – ₹ 1,125 and Pal ₹ 725.
Net Profit for the year ended 31st March 2023 was ₹ 71,400.
Show how the profit is distributed and also prepare the capital accounts if they were fluctuating.
Solution:-
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