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

Share your love

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:-

Here is the list of all Solutions.

S.NQuestions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NQuestions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NQuestions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NQuestions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NQuestions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
49Question – 49
50Question – 50
S.NQuestions
51Question – 51
52Question – 52
53Question – 53
54Question – 54
55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
S.NQuestions
61Question – 61
62Question – 62
63Question – 63
64Question – 64
65Question – 65
66Question – 66
67Question – 67
68Question – 68
69Question – 69
70Question – 70
S.NQuestions
71Question – 71
72Question – 72
73Question – 73
74Question – 74
75Question – 75
76Question – 76
77Question – 77
78Question – 78
Share your love
Anurag Pathak
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 and can download the Android & ios app for free lectures.

Articles: 6122

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh