[CBSE] Q. 21 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 21 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

A and B are partners sharing profits and loss in the ratio of their capitals which were ₹ 6,00,000 and ₹ 4,00,000 respectively on 1st April 2023. The partnership deed provides that:

(i) Both partners will get monthly salary of ₹ 20,000 each;

(ii) Interest on capital will allowed @ 8% p.a.

(iii) A will get a quarterly rent of ₹ 24,000 for the use of his property by the firm.

On 1st July, 2023 A and B granted loans of ₹ 1,00,000 and ₹ 50,000 respectively to the firm. During the year ended 31st March 2024, the firm incurred a loss of ₹ 17,250 before any adjustment is made as per partnership deed.

Prepare an account showing the distribution of profit/loss.

[Ans. Share of Loss : A ₹ 72,000 and B ₹ 48,000.]

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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