[CBSE] Q. 62 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 62 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

The capital accounts of A, B and C showed credit balances of ₹ 5,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively, after taking into account drawings and net profit of ₹ 3,00,000. They shares profits in the ratio of 2 : 1 : 1. The drawings of the partners during the year 2023-24 were:

(i) A withdrew ₹ 10,000 at the beginning of each half year.

(ii) B withdrew ₹ 10,000 at the end of each half year.

(iii) C’s Drawings were:

1st May, 2023	6,000
1st October, 2023	5,000
31st Dec, 2023	4,000
31st March, 2024	5,000

Calculate interest on partner’s capital @ 8% p.a. and interest on partner’s drawings @ 10% p.a. for the year ended 31st March, 2024.

[Ans. Interest on Capitals A ₹ 29,600; B ₹ 19,600 and C ₹ 11,600. Interest on Drawings A ₹ 1,500; B ₹ 500 and C ₹ 900.]

Solution:-

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