[ISC] Q. 56 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 56 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Vishesh, Vaibhav, and Vibhuti entered into a partnership on 1st April 2022 sharing profits in the ratio of 5 : 3 : 2. Vishesh guaranteed that Vibhuti’s Share of profit, after charging interest on capital @ 5% p.a., would not be less than ₹ 30,000 in a year.

Capitals contributed were: Vishesh – ₹ 3,20,000; Vaibhav – ₹ 2,00,000 and Vibhuti – ₹ 1,60,000.

Profit for the year ended 31st March 2023 was ₹ 1,59,000 before providing for interest on capital.

Prepare Profit and Loss Appropriation Account.

Solution:-

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