[CBSE] Q. 2 DK Goel Fundamentals of Partnership [2024-25]

Share your love

Solution of Question Number 2 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

X and Y are partners sharing profits in the ratio of 2 : 1. The undermentioned trial balance was extracted from their books as at 31st March, 2024:

Dr.Cr.
X’s Capital
Y’s Capital
X’s Drawings
Y’s Drawings
Stock (1st April, 2023)
Purchases and Sales
Debtors and Creditors
Buildings
Cash in Hand
Bank Overdraft
Salaries to Staff
Rent
Advertising Expenditure
Travelling Expenses
40,000
32,000
45,200
8,68,000
1,52,000
6,00,000
5,900
74,700
26,400
6,000
31,300
3,20,000
2,40,000
12,45,000
48,000
27,500
18,80,50018,80,500

You are required to prepare Trading, Profit and Loss Appropriation Account for the year ended 31st March, 2024 and a Balance Sheet as on that date. The following adjustments are to be made:

(i) The value of stock on March 31, 2024 was ₹ 64,000.

(ii) Charge depreciation on Buildings at 10%.

(iii) Provide for outstanding rent ₹ 2,400.

(iv) Partners are entitled to interest on Capital @ 5% and X is entitled to a salary of ₹ 48,000 p.a.

[Ans. Gross Profit ₹ 3,95,800; Net Profit as per Profit & Loss A/c ₹ 1,96,000; Profit transferred to Capital Accounts as per Profit & Loss Appropriation A/c ₹ 1,20,000; Capitals X ₹ 4,24,000 and Y ₹ 2,60,000; Total of Balance Sheet ₹ 7,61,900.

Solution:-

Here is the complete index of solutions

S.NQuestions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NQuestions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NQuestions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NQuestions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NQuestions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
49Question – 49
50Question – 50
S.NQuestions
51Question – 51
52Question – 52
53Question – 53
54Question – 54
55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60(A), 60(B), 60 (C)
S.NQuestions
61Question – 61
62Question – 62
63Question – 63
64Question – 64
65Question – 65
66Question – 66
67Question – 67
68Question – 68
69Question – 69
70Question – 70
S.NQuestions
71Question – 71
72Question – 72
73Question – 73
74Question – 74
75Question – 75
76Question – 76
77Question – 77
78Question – 78
79Question – 79
80Question – 80
S.NQuestions
81Question – 81
82Question – 82
83Question – 83
84Question – 84
85Question – 85
86Question – 86
87Question – 87
88Question – 88
89Question – 89
90Question – 90
S.NQuestions
91Question – 91
92Question – 92
93Question – 93
94Question – 94
95Question – 95
96Question – 96
97Question – 97
98Question – 98
99Question – 99
100Question – 100
S.NQuestions
101Question – 101
102Question – 102
103Question – 103
104Question – 104
105Question – 105
106Question – 106
107Question – 107
108Question – 108
109Question – 109
110Question – 110
Share your love
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

Articles: 7052

Leave a Reply

Your email address will not be published. Required fields are marked *

x