[ISC] Q. 72 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

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Solution of Question Number 72 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Kanav, Parv, and Sheel entered into a partnership on 1st October 2023 and decided to share profits and losses in the ratio of 4 : 3 : 3.

Kanav personally guaranteed that Sheel’s share of profit after charging interest on capital @ 10% p.a. would be at least ₹ 80,000 in any year. The Capital contribution were: Kanav – ₹ 3,00,000; Parv – ₹ 2,00,000 and Sheel – ₹ 1,50,000.

Profit for the year ended on 31st March 2024 was ₹ 1,60,000 Prepare Profit and Loss Appropriation Account.

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