[ISC] Q. 77 solution of Fundamentals of Partnership Firms TS Grewal Book ISC 2023-24 Edition

Solution of Question number 77 of the Fundamentals of partnership Accounts (Firm) chapter TS Grewal Book 2023-24 Edition ISC Board.

Anup, Babu, and Roop were partners. Their capitals were Anup ₹ 30,000; Babu ₹ 20,000 and Roop ₹ 10,000. According to the Partnership Deed, they were to get interest on capital @ 5% p.a. In addition, Babu was also entitled to draw a salary of ₹ 500 per month. Roop was entitled to a commission of 5% on the profit after charging interest on capital, but before charging the salary payable to Babu. Net profit for the year was ₹ 30,000 distributed in the ratio of capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5 : 3 :2. Pass the necessary adjustment entry showing the working clearly.

Solution:-

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