[CBSE] Q. 101 DK Goel Fundamentals of Partnership [2026-27]
Solution of Question Number 101 of the Fundamentals of partnership firm DK Goel CBSE Board (2026-27)
John and Tanu were partners in a firm sharing profits and losses in the ratio of 1: 2. The following was the Balance Sheet of the firm as at 31st March, 2024
Balance Sheet as at 31st March, 2024
| Liabilities | ₹ | Assets | ₹ |
| Capital Accounts: John Tanu | 5,00,000 7,00,000 | Cash in Hand | 2,50,000 |
| Sundry Assets | 9,00,000 | ||
| Drawings: John | 50,000 | ||
| 12,00,000 | 12,00,000 |
The profit₹2,40,000 for the year ended 31st March, 2024 were divided between partners without allowing interest on capitals @ 7% p.a. and without charging interest on drawings @ 6% p.a.
The drawings of the partners were :
John: 12,500 per quarter at the beginning of each quarter.
Tanu: 7,500 p.m. at the end of every month.
Showing your workings clearly, pass necessary adjustment entry in books of the firm.
Solution:-
