[ISC] Q. 72 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)

Solution of Question number 72 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.

Cook, Broad, and Prior are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Prior is guaranteed an annual profit of ₹ 1,00,000 by the other partners. During the year ended 31st March 2024, the firm incurred a loss of ₹ 60,000. Their respective capitals as on 1st April, 2023 were ₹ 6,00,000; ₹ 4,00,000 and ₹ 2,00,000. You are required to show the necessary accounts giving effect to the above.

Solution