[ISC] Q. 65 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 65 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

The partnership agreement of Raman, Daman, and Sharman provides that:

(i) Profits will be shared by them in the ratio of 2 : 2 : 1

(ii) Interest on capital to be allowed at the rate of 6% per annum.

(iii) Interest on drawings to be charged at the rate of 3% per annum.

(iv) Daman to be given a salary of ₹ 1,000 per month.

(v) Daman’s guarantee to the firm that the firm would earn a net profit of at least ₹ 1,60,000 per annum and any shortfall in these profits would be personally met by him.

The capitals of the partners on 1st April 2021, were: Raman – ₹ 2,40,000; Daman – ₹ 2,00,000 and Sharman – ₹ 2,00,000. All three partners withdrew ₹ 2,000 each at the beginning of every month. The net profit for the year 2021-22 was ₹ 1,40,000.You are required to prepare for the year 2021-2022:

(i) Profit and Loss Appropriation Account.

(ii) Daman’s Capital Account.

Solution:-

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