[ISC] Q. 47 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition

Arti, Bharti and Kirti are partners sharing profits and losses in the proportion of Arti 1/2, Bharti 3/10, Kirti 1/5 after providing for the interest @ 5% p.a. on their respective capitals, viz., Arti ₹ 50,000; Bharti ₹ 30,000 and Kirti ₹ 20,000 and allowing Bharti and Kirti a salary of ₹ 5,000 each per annum. During the year ended 31st March, 2023, Arti had drawn ₹ 10,000 and Bharti and Kirti in addition to their salaries had drawn ₹ 2,500 and ₹ 1,000 respectively. Profit & Loss Account for the year ended 31st March, 2023 showed net profit of ₹ 45,000. On 1st April, 2022, the balances in the Current Accounts of the Partners were: Arti ₹ 4,500 (Cr.); Bharti ₹ 1,500 (Cr.) and Kirti ₹ 1,000 (Cr.). Interest is not charged on Drawings or Current Account balances. Show the Partners’ Capital and Current Accounts as at 31st March, 2023 after division of profits.