[ISC] Q. 66 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 66 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Three Chartered Accountants Mohit, Ronit and Shobhit form a partnership, profits being divisible in the ratio of 3 : 2 : 1 subject to the following:

(i) Shobhit’s share of profits is guaranteed to be not less than ₹ 15,000 p.a.

(ii) Ronit gives a guarantee to the effect that the gross fee earned by him for the firm shall be equal to his average gross fee of the preceding five years when he was carrying on profession alone, which on average works out at ₹ 25,000.

Profit for the first year of the partnership is ₹ 75,000. Gross fees earned by Ronit for the firm is ₹ 16,000.

You are required to show Profit and Loss Appropriation Account after giving effect to the above.

Solution:-

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