[ISC] Q. 41 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 41, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 41
Shashi, Santosh and Shanta are in partnership and as at 1st April, 2022 their respective capitals were: ₹ 40,000, ₹ 30,000 and ₹ 30,000. Santosh is entitled to a salary of ₹ 6,000 p.a. and Shanta ₹ 4,000 p.a. payable before division of profit. Interest is allowed on capitals @ 5% p.a. and is not charged on drawings. Of the divisible profits, Shashi is entitled to 50% of the first ₹ 10,000, Santosh to 30% and Shanta to 20%, over that amount profits are shared equally. Profit for the year ended 31st March, 2023, after debiting partners’ salaries but before charging interest on capitals was ₹ 21,000 and the partners had drawn ₹ 10,000 each on account of salaries, interest and profit.
Prepare Profit & Loss Appropriation Account showing the distribution of profit and Capital Accounts of the partners.
Solution
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About this solution
This is Chapter 1 Partnership Accounts – Fundamentals of TS Grewal Edition 2023-24 (ISC Board).
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
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