[CBSE] Q. 15 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 15 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

Raj, Mehak and Divya were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their respective capitals were : ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000. The partnership deed provided for the following:

(a) Interest on capital @ 8% per annum.

(b) Interest on drawings @ 6% per annum

(c) Interest on partner’s loan to the firm @ 5% per annum.

During the year, Raj had withdrawn ₹ 12,000 on 1st October, 2021, while Mehak withdrew ₹ 60,000 on 1st December, 2021.

On 1st January, 2022, Divya had given a loan of ₹ 1,20,000 to the firm.

Pass the necessary Journal entries in the books of the firm for the following transactions for the year ended 31st March, 2022:

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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