[ISC] Q. 75 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

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Solution of Question number 75 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Shiv and Shankar were partners in a firm sharing profits in 3 : 2 ratio. Their fixed capitals were ₹ 1,70,000 and ₹ 2,10,000 respectively. The Partnership Deed provides for the following:

(i) Interest on Capital @ 12% p.a.

(ii) Interest on Drawings @ 18% p.a.

Shiv withdrew ₹ 12,000 on 30th June 2022 and Shankar withdrew ₹ 18,000 on 30th September 2022. Profit for the year ended 31st March, 2023 was ₹ 97,000, which was distributed among the partners without providing for the above adjustments. Pass adjustment entry.

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