[ISC] Q. 60 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 60, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 60
Sonu, Monu, Parth and Mala are partners sharing profits and losses in the ratio of 4 : 3 : 2 : 1. Their capitals as at 1st April, 2022 were ₹ 1,80,000; ₹ 1,50,000; ₹ 90,000 and ₹ 60,000 respectively.
Mala’s share of profits excluding interest on capital has been guaranteed by the firm to be not less than ₹ 1,50,000. Parth’s share of profits including interest on capital and salary guaranteed by Sonu is not less than ₹ 1,56,000.
Profit for the year ended 31st March, 2023 was ₹ 5,40,000 before interest on capital @ 10% and salary to Parth @ ₹ 6,000 per month.
Prepare Profit & Loss Appropriation Account and distribute the profit.
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.
Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy ISC Board Exam.
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