[ISC] Q. 59 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 59, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 59
Mita, Rita and Sandra were partners in a firm, sharing profits and losses in the ratio of 2 : 2 : 1. Mita had personally guaranteed that in any year Sandra’s share of profit, after allowing interest on capital to all the partners @ 5% per annum and charging interest on drawings @ 4% per annum, would not be less than ₹ 10,000. The capitals of the partners on 1st April, 2015 were:
Mita ₹ 80,000, Rita ₹ 50,000 and Sandra ₹ 30,000.
The net profit for the year ended 31st March, 2016, before allowing or charging any interest amounted to ₹ 40,000.
Mita had withdrawn ₹ 4,000 on 1st April, 2015, while Sandra withdrew ₹ 5,000 during the year.
You are required to prepare the Profit & Loss Appropriation Account for the year 2015–16.
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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