[CBSE] Q. 11 DK Goel Fundamentals of Partnership [2026-27]
Solution of Question Number 11 of the Fundamentals of partnership firm DK Goel CBSE Board (2026-27)
Lata and Mamta are partners with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively sharing profits as Lata 70% and Mamta 20%. During the year ended 31st March 2024 they earned a profit of ₹ 2,26,440 before allowing interest on partner’s loan. The terms of partnership are as follows:
(i) Interest on Capital is to be allowed @ 7% p.a.
(ii) Lata to get a salary of ₹ 2,500 per month.
(iii) Interest on Loan by Mamta to the Firm of ₹ 80,000 for the whole year.
(iv) Interest on drawings of partners at 8% per annum. Drawings being Lata ₹ 36,000 and Mamta ₹ 48,000.
(v) 1/10th of the distributable profit should be transferred to General Reserve.
Prepare the Profit and Loss Appropriation Account.
[Ans. Share of Profit : Lata ₹ 1,00,800 and Mamta ₹ 43,200.]
Solution:-
