[CBSE] Q. 10 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 10 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

A, B and C were partners in a firm having capitals of ₹ 2,00,000; ₹ 2,00,000 and ₹ 80,000 respectively on 1st April, 2022. Their Current Account balances were A : ₹ 20,000; B : ₹ 10,000 and C : ₹ 5,000 (Dr.). According to the partnership deed the partners were entitled to interest on capital @ 10% p.a. B being the working partner was also entitled to a salary of ₹ 6,000 per quarter. The profits were to be divided as follows:

(a) The first ₹ 60,000 in proportion to their capitals.

(b) Next ₹ 1,00,000 in the ratio of 4 : 3 : 1.

(c) Remaining profits to be shared equally.

The firm made a profit of ₹ 2,80,000 for the year ended 31st March, 2023 before charging any of the above items. Prepare the Profit & Loss Appropriation Account and pass necessary journal entry for apportionment of profits.

[Ans. Share of Profit : A ₹ 91,000; B ₹ 78,500 and C ₹ 38,500.]

Solution:-

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S.N	Questions
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
15	Question – 15
16	Question – 16
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18	Question – 18
19	Question – 19
20	Question – 20

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24	Question – 24
25	Question – 25
26	Question – 26
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28	Question – 28
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30	Question – 30

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31	Question – 31
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40	Question – 40

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48	Question – 48
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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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71	Question – 71
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80	Question – 80

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82	Question – 82
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86	Question – 86
87	Question – 87
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90	Question – 90

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91	Question – 91
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100	Question – 100

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102	Question – 102
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109	Question – 109
110	Question – 110