[ISC] Q. 62 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 62 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Dhoni, Kohli, and Ishant are partners in the Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed a profit of ₹ 5,00,000 per annum by Dhoni and Kohli. Any shortfall in the guaranteed profit to Ishant is to be borne by Dhoni and Kohli in the ratio of 4 : 1. During the year ended 31st March 2023, the firm incurred a loss of ₹ 2,00,000. Their capitals on 1st April, 2022 were ₹ 15,00,000; ₹ 14,00,000 and ₹ 5,00,000 respectively. You are required to prepare the necessary accounts giving effect to the above.

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