[ISC] Q. 60 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 60 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Sonu, Monu, Parth, and Mala are partners sharing profits and losses in the ratio of 4 : 3 : 2 : 1. Their capitals as at 1st April, 2022 were ₹ 1,80,000; ₹ 1,50,000; ₹ 90,000 and ₹ 60,000 respectively. Mala’s share of profits excluding interest on capital has been guaranteed by the firm to be not less than ₹ 1,50,000. Parth’s share of profits including interest on capital and salary guaranteed by Sonu is not less than ₹ 1,56,000. Profit for the year ended 31st March 2023 was ₹ 5,40,000 before interest on capital @ 10% and salary to Parth @ ₹ 6,000 per month. Prepare a Profit and Loss Appropriation Account and distribute the profit.

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