[CBSE] Q. 83 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 83 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Tulsi and Kabir are partners sharing profits in proportion of 3 : 2 with capitals of ₹ 8,00,000 and ₹ 6,00,000 respectively. Interest on capitals is agreed at 6% p.a. Tulsi is to be allowed a salary of ₹ 6,000 per month. For the year ended 31st March, 2024, the profits prior to calculation of interest on capital but after charging Tulsi’s salary amounted to ₹ 2,28,000. Manager is to be allowed a commission of 10% of the profits.

Prepare an account showing the allocation of profits.

[Ans. Divisible profit ₹ 1,14,000; Manager’s Commission will be 10% of ₹ 3,00,000, i.e., ₹ 30,000.]

Solution:-

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