[CBSE] Q. 104 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 104 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Alex, John and Sam are partners in a firm. Their capital accounts on 1st April, 2021, stood at ₹ 1,00,000, ₹ 80,000 and ₹ 60,000 respectively.

Each partner withdrew ₹ 5,000 during the financial year 2021 – 22.

As per the provisions of their partnership deed:

(a) John was entitled to a salary of ₹ 1,000 per month.

(b) Interest on capital was to be allowed @ 10% per annum.

(c) Interest on drawings was to be charged @ 4% per annum.

(d) Profits and losses were to be shared in the ratio of their capitals.

The net profit of ₹ 75,000 for the year ended 31st March, 2022, was divided equally amongst the partners without providing for the terms of the deed.

You are required to pass a Single Adjusting Journal Entry to rectify the error. (Show the working clearly)

Solution:-

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60Question – 60(A), 60(B), 60 (C)
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101Question – 101
102Question – 102
103Question – 103
104Question – 104
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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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