[ISC] Q. 66 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 66, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 66
Three Chartered Accountants Mohit, Ronit and Shobhit form a partnership, profits being divisible in the ratio of 3 : 2 : 1 subject to the following:
- (i) Shobhit’s share of profits guaranteed to be not less than ₹ 15,000 p.a.
- (ii) Ronit gives a guarantee to the effect that gross fee earned by him for the firm shall be equal to his average gross fee of the preceding five years when he was carrying on profession alone, which on an average works out at ₹ 25,000.
Profit for the first year of the partnership is ₹ 75,000. Gross fees earned by Ronit for the firm is ₹ 16,000. You are required to show Profit & Loss Appropriation Account after giving effect to the above.
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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