[ISC] Q. 7 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 7 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board?

Taran and Deep are partners sharing the profits and losses in the ratio of 2 : 3 with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. On 1st October 2022, Taran and Deep gave loans of ₹ 60,000 and ₹ 30,000 respectively to the firm. Show the distribution of profits/losses for the year ended 31st March 2023 in each of the following cases:

Case – 1: When Profit before interest for the year amounted to ₹ 3,750.

Case – 2: When Profit before interest for the year amounted to ₹ 2,250.

Case – 3: When Loss before interest for the year amounted to ₹ 3,750.

Solution:-

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