[ISC] Q. 70 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question Number 70 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Neel, Nitin, and Neeraj are partners having Capital of ₹ 15,00,000; ₹ 12,00,000, and ₹ 9,00,000 respectively, and sharing profit and losses equally.

Neeraj is guaranteed a minimum profit of ₹ 1,50,000 per annum.

The firm incurred a loss of ₹ 4,50,000 for the year ended 31st March 2024.

You are required to show necessary accounts for the division of loss and giving effect to minimum guaranteed profit to Neeraj.

Solution

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