[ISC] Q. 59 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 59 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Mita, Rita, and Sandra were partners in a firm, sharing profits and losses in the ratio of 2 : 2 : 1. Mita had personally guaranteed that in any year Sandra’s share of profit, after allowing interest on capital to all the partners @ 5% per annum and charging interest on drawings @ 4% p.a., would not be less than ₹ 10,000. The capitals of the partners on 1st April, 2015 were:

Mita ₹ 80,000, Rita ₹ 50,000, and Sandra ₹ 30,000.

The net profit for the year ended 31st March 2016, before allowing or charging any interest amounted to ₹ 40,000.

Mita had withdrawn ₹ 4,000 on 1st April 2015, while Sandra withdrew ₹ 5,000 during the year.

You are required to prepare the Profit and Loss Appropriation Account for the year 2015-16.

Solution:-

Here is the list of all Solutions.

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60

S.N	Questions
61	Question – 61
62	Question – 62
63	Question – 63
64	Question – 64
65	Question – 65
66	Question – 66
67	Question – 67
68	Question – 68
69	Question – 69
70	Question – 70

S.N	Questions
71	Question – 71
72	Question – 72
73	Question – 73
74	Question – 74
75	Question – 75
76	Question – 76
77	Question – 77
78	Question – 78