[ISC] Q. 53 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question number 53 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Ajay, Bijay, and Chandan are partners in a firm with capitals of ₹ 1,50,000; ₹ 1,20,000, and ₹ 90,000 respectively. Their Partnership Deed provides as follows:

(i) Interest on Capital to be allowed @ 10% p.a.

(ii) Interest on drawings to be charged @ 10% p.a.

(iii) Bijay and Chandan each are to be paid a salary @ ₹ 1,500 per month.

(iv) Ajay is to be paid a commission of 5% of the net profit.

(v) 10% of the net profit is to be transferred to general reserve.

(v) Divisible (remaining) profits are to be distributed as follows: 40% to Ajay; 30% to Bijay; 30% to Chandan.

Net Profit for the year ended 31st March 2024 was ₹ 1,50,000. Ajay withdrew ₹ 3,000 per month in the beginning of each month, Bijay withdrew ₹ 3,000 per month in the middle of each month and Chandan withdrew ₹ 3,000 per month at the end of each month.

Prepare Profit and Loss Appropriation Account for the year ended 31st March 2024.

Solution:-

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