# [ISC] Q. 61 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Share your love

Solution of Question Number 61 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

On 1st April 2023, Lal, Bal, and Pal enter into a partnership contributing ₹ 2,50,000; ₹ 1,30,000, and ₹ 1,20,000 respectively, and sharing profits and losses in the ratio of 5 : 3 : 2. Bal and Pal are entitled to salaries of ₹ 16,000 and ₹ 14,500 respectively per year. Interest on capital is allowed @ 5% p.a. and 5% interest is charged on drawings.

During the year ended 31st March 2024, Lal withdrew ₹ 40,000; Bal ₹ 25,000, and Pal ₹ 15,000.

Interest on drawings being Lal – ₹ 2,250; Bal – ₹ 1,125 and Pal ₹ 725.

Net Profit for the year ended 31st March 2024 was ₹ 71,400.

Show how the profit is distributed and also prepare the capital accounts if they were fluctuating.

Solution:-

Here is the list of all Solutions.

Share your love
##### Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

Articles: 6891