Are you looking for the solution of Question number 53 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?
Question number 53 of Partnership Accounts – Fundamentals is a theoretical one of TS Grewal Book ISC Board 2023-24.
Question – 53
Aarav, Prithvi and Saksham are partners in a firm. Their profit sharing ratio is 2 : 2 : 1. Saksham is guaranteed a minimum profit of ₹ 10,000 every year. Any deficiency arising shall be met by Prithvi. Profits for the two years ended 31st March 2022 and 2023 were ₹ 40,000 and ₹ 60,000 respectively.
Prepare Profit and Loss Appropriation account for the two years.
Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.