[ISC] Q. 63 Solution of Fundamentals of Partnership TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 63, Chapter 1 Partnership Accounts – Fundamentals, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 63
Anchal, Mitesh and Avichal entered into partnership on 1st April, 2022 and decided to share profits and losses in the ratio of 3 : 2 : 1. Their capitals were ₹ 1,00,000, ₹ 75,000 and ₹ 50,000 respectively. They agreed to allow interest on capital @ 10% p.a. and agreed to charge interest on drawings @ 10% p.a., Their drawings for the year were ₹ 10,000, ₹ 8,000 and ₹ 6,000 respectively.
Avichal was managing the business and therefore, was getting salary of ₹ 2,000 p.m. and in return, he guaranteed that firm’s profit would not be less than ₹ 80,000 before charging or allowing interest and salary payable to Avichal. Profit for the year ended 31st March, 2023 was ₹ 75,000.
Prepare Profit & Loss Appropriation Account and Partners’ Capital Accounts.
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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