[ISC] Q. 49 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 49 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Anil and Sunil are partners in a firm sharing profits and losses in the ratio of 3 : 2. on 1st April 2022 their fixed capitals were ₹ 18,00,000 and ₹ 15,00,000 respectively. On 1st October 2022, they decided that their total capital (fixed) should be ₹ 36,00,000 in their profit-sharing ratio. Accordingly, they introduced further capital or withdrew excess capital. The partnership deed provided the following:

(i) Interest on Capital @ 12% p.a.

(ii) Interest on drawings @ 18% p.a.

(iii) A monthly salary of ₹ 12,000 to Anil and a quarterly salary of ₹ 27,000 to Sunil. The drawings of Anil and Sunil during the year were as follows:

DateAnil (₹)Sunil (₹)
On 30th September, 20221,20,00090,000
On 31st December, 20221,20,0001,50,000

During the year ended 31st March 2023, the firm earned a net profit of ₹ 9,00,000. 10% of the net profit was to be transferred to General Reserve. You are required to prepare:

(i) Profit and Loss Appropriation Account.

(ii) Partner’s Capital Accounts, and

(iii) Partner’s Current Accounts

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