[ISC] Q. 47 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 47 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Arti, Bharti, and Kirti are partners sharing profits and losses in the proportion of Arti 1/2, Bharti 3/10, Kirti 1/5 after providing for the interest @ 5% p.a. on their respective capitals, Viz, Arti ₹ 50,000; Bharti ₹ 30,000 and Kirti ₹ 20,000 and allowing Bharti and Kirti a salary of ₹ 5,000 each per annum. During the year ended 31st March 2023, Arti had drawn ₹ 10,000, and Bharti and Kirti in addition to their salaries had drawn ₹ 2,500 and ₹ 1,000 respectively. Profit and Loss Account for the year ended 31st March 2023 showed a net profit of ₹ 45,000. On 1st April 2022, the balances in the current accounts of the partners were: Arti ₹ 4,500 (Cr.); Bharti ₹ 1,500 (Cr.) and Kirti ₹ 1,000 (Cr.) Interest is not charged on Drawings or Current Account balances. Show the Partner’s Capital and Current Accounts as at 31st March 2023 after the division of profits.

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