[ISC] Q. 84 Solution of Fundamentals of Partnership Firms TS Grewal Book ISC (2026-27)
Solution of Question number 84 the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2026-27 Edition ISC Board.
Parul, Agsa and Anshul are partners in a firm. Their Capital Accounts were ₹ 3,00,000, ₹ 1,50,000 and 1,50,000 respectively on 1st April, 2025.
As per the provisions of the Partnership Deed:
(i) Anshul was to be allowed salary of 36,000 per annum,
(ii) Interest on capital @ 5% p.a. was to be allowed,and
(iii) Profit-sharing ratio was 2:2:1.
Ignoring the above terms, net profit of 1,80,000 for the year ended 31st March, 2026 was distributed among the three partners equally. Pass the Journal entries to rectify the errors.
Solution:-
