[ISC] Q. 76 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 76 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

The capitals of Madan, Krishna, and Ram as on 31st March 2023 were ₹ 30,000, ₹ 1,10,000, and ₹ 2,20,000 respectively. The profit of ₹ 60,000 for the year 2022-23 was distributed in the ratio of 4 : 1 : 1 after allowing interest on capital @ 10% p.a. During the year partner withdrew ₹ 10,000 per month. The Partnership Deed was silent as to profit sharing ratio but provided for interest on capital @ 12%. Pass the necessary adjusting Journal entry.

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