[CBSE] Q. 105 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 105 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

A, B and C were partners in a firm. On 1st April, 2021 their capitals stood as ₹ 5,00,000; ₹ 2,50,000 and ₹ 2,50,000 respectively. As per provisions of the partnership deed:

(I) C was entitled for a salary of ₹ 5,000 per month.

(ii) A was entitled for a commission of ₹ 80,000 p.a.

(iii) Partners were entitled to interest on capital @ 6% p.a.

(iv) Partners will share profits in the ratio of capitals.

Net profit for the year ended 31.03.2022 was ₹ 3,00,000 which was distributed equally, without taking into consideration the above provisions. Showing your workings clearly, pass necessary adjustment entry for the above.

[Ans.]

B’s Capital A/c Dr. 60,000
To A’s Capital A/c 60,000

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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