[ISC] Q. 67 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 67 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Vicky, Vijay, and Veenu are partners sharing profits in the ratio of 5 : 4 : 1, Veenu is given a guarantee that his minimum share of profit in any given year would be at least ₹ 5,000. Deficiency, if any, would be borne by Vicky and Vijay equally. The profit for the year ended 31st March, 2024 was ₹ 40,000

Pass necessary entries in the books of the firm.

Solution:-

Working Notes:-