[ISC] Q. 76 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)
Solution of Question Number 76 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.
Mahi, Virat and Ishant are partners in Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed profit of ₹ 5,00,000 per annum by Mahi and Virat. Any Shortfall in the guaranteed profit to Ishant is to be borne by Mahi and Virat in the ratio of 4 : 1. During the year ended 31st March, 2024, the firm incurred loss of ₹ 2,00,000. Their capitals on 1st April, 2023 are ₹ 15,00,000; ₹ 14,00,000 and ₹ 5,00,000 respectively.
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