[ISC] Q. 73 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 73 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Gaurav, Sourav, and Vivian are partners in a firm. Though the Partnership Deed did not provide for interest on capital, Yet it was allowed to the partners @ 5% p.a. for the two years ended on 31st March 2022 and 31st March 2023. Their fixed capitals on which interest was calculated were throughout – Gaurav ₹ 40,000; Sourav ₹ 32,000 and Vivian ₹ 24,000.

During the two years, they shared profits as:

Year ended 31st March 2022 – 5 : 3 : 2

Year ended 31st March 2023 – 2 : 2 : 1

You are required to pass an adjustment entry as at 1st April 2023.

Solution:-

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