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

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Mita had withdrawn ₹ 4,000 on 1st April 2015, while Sandra withdrew ₹ 5,000 during the year.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

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