[CBSE] Q. 5 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 5 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

Q. 5 (A). On 1st April, 2023 A and B commenced business with Capitals of ₹ 6,00,000 and ₹ 2,00,000 respectively. On 31st March, 2024 the net profit (before taking into account the provisions of deed) was ₹ 2,40,000. Interest on Capitals is to be allowed at 6% p.a. B was entitled to a salary of ₹ 60,000 p.a. The drawings of the partners A and B were ₹ 60,000 and ₹ 40,000 respectively. The interest on Drawings for A being ₹ 2,000 and B ₹ 1,000. Assuming that A and B are equal partners, prepare the Profit & Loss Appropriation A/c and Partne’s Capital Accounts as at 31st March, 2024.

[Ans. Divisible Profits ₹ 1,35,000; Capital A ₹ 6,41,50 and B ₹ 2,98,500.]

Note: In the absence of Information, Capitals will be treated fluctuating.

Q. 5 (B).

Anubha and Kajal entered into partnership sharing profits and losses in the ratio of 2 : 1. Their Capitals were ₹ 90,000 and ₹ 60,000. The profit during the year were ₹ 45,000. According to paratnership deed, both partners are allowed Salary, ₹ 700 per month to Anubha and ₹ 500 per month to Kajal. Interest is allowed on capital @ 5% p.a. The drawings during the period were ₹ 8,500 for Anubha and ₹ 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital accounts are fluctuating.

[Ans. Divisible Profit ₹ 23,476; Capital Account balance : Anubha ₹ 1,09,838 and Kajal ₹ 70,162. Interest on Drawings : Anubha ₹ 213 and Kajal ₹ 163.]

Solution

Answer – 5(A)

Answer – 5 (B)

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1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

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11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
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19	Question – 19
20	Question – 20

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21	Question – 21
22	Question – 22
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24	Question – 24
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28	Question – 28
29	Question – 29
30	Question – 30

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31	Question – 31
32	Question – 32
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34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
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40	Question – 40

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41	Question – 41
42	Question – 42
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50	Question – 50

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51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60(A), 60(B), 60 (C)

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61	Question – 61
62	Question – 62
63	Question – 63
64	Question – 64
65	Question – 65
66	Question – 66
67	Question – 67
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70	Question – 70

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80	Question – 80

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81	Question – 81
82	Question – 82
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90	Question – 90

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100	Question – 100

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110	Question – 110