[CBSE] Q. 66 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 66 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

A and B are partners sharing profits and losses in the ratio of 3 : 1. Following is the Balance Sheet of the firm as at 31st March, 2024.

Liabilities	₹	Assets	₹
A’s Capital B’s Capital	90,000 30,000	Drawings: A B Sundry Assets	12,000 6,000 1,02,000
	1,20,000		1,20,00

Profit for the year ended 31st March, 2024 ₹ 24,000 was divided between the partners in their profit sharing ratio, but interest on capital at 5% p.a. and on drawings at 6% p.a. was inadvertenty ignored. Give the necessary adjustment entry for the adjustment of interest. Interest on drawings may be calculated on an average basis for 6 months.

Ans:

B’s Capital A/c Dr. 45
To A’s Capital A/c 45

Solution:-

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