[ISC] Q. 51 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 51 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Pony, Sony, and Johny were in a partnership which they began on 1st April 2022 with capital contributions of ₹ 80,000; ₹ 55,600, and ₹ 31,800. Sony and Johny are entitled to draw salaries of ₹ 5,000 and ₹ 4,000 p.a. respectively before the division of profits. Interest is allowed on the capitals @ 5% p.a. while it is not charged on drawings. Of the net profit, the first ₹ 30,000 is divided in the ratio fo 40 : 35 : 25 among them respectively, and the balance is shared equally.

Profit for the year ended 31st March 2023 after debiting the partner’s salaries, but before charging interest on capital was ₹ 56,340 and the partners have drawn ₹ 26,000 each for personal use.

Prepare Profit and Loss Appropriation Account and Partner’s Capital Accounts for the year ended 31st March 2023.

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