[ISC] Q. 50 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 50 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Srikant and Vikrant are partners sharing profits and losses in the ratio of 3: 2. Their capitals are 5,00,000 and 1,00,000 respectively. Partners are entitled to Interest on Capital @ 10% p.a. and Vikrant is entitled to salary @ 15,000 per quarter. The net profit before providing for Interest on Capital and salary for the year ended 31st March, 2026 was 84,000.

Prepare Profit & Loss Appropriation Account to show distribution of profit.

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