[CBSE] Q. 101 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 101 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

E, F and G were partners in a firm sharing profits in the ratio of 3 : 2 : After division of the profits for the year ended 31.3.2024 their capitals were: E ₹ 2,95,000; F ₹ 3,30,000; and G ₹ 3,35,000. During the year they withdrew ₹ 40,000 each. The profit of the year was ₹ 1,80,000. The partnership deed provided that interest on capital will be allowed @ 12% p.a. While preparing the final accounts, interest on partner’s capital was not allowed.

You are required to calculate the capital of E, F and G as on 1-4-2023 and pass the necessary adjustment entry for providing interest on capital. Show your workings clearly.

[Ans. Opening Capitals E ₹ 2,45,000; F ₹ 3,10,000 and G ₹ 3,45,000. Adjusting Entry:

E’s Capital A/c Dr. 24,600
To F’s Capital A/c 1,200
To G’s Capital A/c 23,400

Solution:-

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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