[CBSE] Q. 110 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 110 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6 : 4 : 1. Komal is guaranteed a minimum profit of ₹ 2,00,000. The firm incurred a loss of ₹ 22,00,000 for the year ended 31st March, 2018. Pass necessary journal entry regarding deficiency borne by Maanika and Bhavi and prepare Profit and Loss Account.

[Ans. (i) First of all, loss of ₹ 22,00,000 will be debited to Maanika, Bhavi and Komal in their profit sharing ratio of 6 : 4 : 1.

(ii) Thereafter, Komal’s deficiency of ₹ 4,00,000 will be borne by Maanika and Bhavi in 6 : 4.]

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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