[ISC] Q. 53 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 53 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

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.

Solution:-

1st Year

2nd Year

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