[ISC] Q. 63 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 63 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Anchal, Mitesh, and Avichal entered into a partnership on 1st April 2022 and decided to share profits and losses in the ratio of 3 : 2 : 1. Their capitals were ₹ 1,00,000, ₹ 75,000, and ₹ 50,000 respectively. They agreed to allow interest on capital @ 10% p.a. and agreed to charge interest on drawings @ 10% p.a. Their drawings for the year were ₹ 10,000, ₹ 8,000, and ₹ 6,000 respectively.

Avichal was managing the business and therefore was getting a salary of ₹ 2,000 p.m. and in return, he guaranteed that the firm’s profit would not be less than ₹ 80,000 before charging or allowing interest and salary payable to Avichal. Profit for the year ended 31st March 2023 was ₹ 75,000.

Prepare Profit and Loss Appropriation Account and Partner’s Capital Accounts.

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