[ISC] Q. 88 Solution of Fundamentals of Partnership Firms TS Grewal Book (2024-25)

Solution of Question Number 88 of the Fundamentals of Partnership Accounts (Firm) chapter TS Grewal Book 2024-25 Edition ISC Board.

Ajit, Harish, and Ganesh were partners in a firm. On 1st April 2022, their capitals stood at ₹ 50,000; ₹ 25,000, and ₹ 25,000 respectively.

As per the provisions of the Partnership Deed:

(i) Ganesh was entitled for a salary of ₹ 1,500 per month.

(ii) Partners were entitled to interest on capital @ 5% p.a.

(iii) Profits were to be shared in the ratio of capital.

Net profit for the year ended 31st March 2023 of ₹ 45,000 was divided equally without providing for the above appropriations. Pass the adjustment entry to rectify the above error.

Solution

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