[ISC] Q. 59 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)
Solution of Question Number 59 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.
Ankit and Bimla are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 50,000 and ₹ 30,000 respectively. Interest on capital is agreed @ 6% p.a. Bimla is to be allowed a salary of ₹ 2,500 p.a. During the year ended 31st March 2024, profit prior to calculation of the interest on capital but after charging Bimla’s salary was ₹ 12,500. Provision of 5% of the net profit is to be made in respect of the Manager’s Commission.
Prepare the account showing the allocation of profits and partner’s Capital Accounts.
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Solution
![](https://commerceschool.in/wp-content/uploads/2024/04/1-164-1024x571.webp)
![](https://commerceschool.in/wp-content/uploads/2024/04/2-164-1024x363.webp)
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