[ISC] Q. 60 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question Number 60 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Amitabh presents the following Profit and Loss Appropriation Account to his Partner Bharat:

Profit & Loss Appropriation Account for the year ended 31st March, 2024

Particulars	₹	Particulars	₹
To Salary A/c (Amitabh) To Salary A/c (Bharat) To Interest on Capital @ 6% p.a.: Amitabh on ₹ 50,000 Bharat on ₹ 20,000 To Interest on Amitabh’s Loan @ 6% p.a. To Rent A/c (Bharat) To Profit transferred to: 3/5th to Amitabh’s Capital A/c 2/5th to Bharat’s Capital A/c	20,000 14,000 3,000 1,200 6,000 3,000 7,680 5,120	By Profit & Loss A/c (Net Profit)	60,000
	60,000		60,000

They do not have a Partnership Deed. Bharat is of the opinion that the Profit & Loss Appropriation Account is not correctly drawn. State whether Amitabh has contravened the Provisions of Law and Prepare, Profit and Loss Appropriation Account afresh giving effect to t

Solution:-

1st Method

2nd Method

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