Are you looking for the solution of Question number 61 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?
Question number 61 of Partnership Accounts – Fundamentals is a theoretical one of TS Grewal Book ISC Board 2023-24.
Question – 61
Cook, Broad, and Prior are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Prior is guaranteed an annual profit of ₹ 1,00,000 by the other partners. During the year ended 31st March 2023, the firm incurred a loss of ₹ 60,000. Their respective capitals as on 1st April, 2022 were ₹ 6,00,000; ₹ 4,00,000 and ₹ 2,00,000. You are required to show the necessary accounts giving effect to the above.
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