[CBSE] Q. 38 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 38 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

Kavita and Leela are partners with capitals of ₹ 6,00,000 and ₹ 4,00,000 and sharing profits & Loss in the ratio of 2 : 1. Their partnership deed provides that interest on capitals shall be provided @ 8% p.a. and it is to be treated as a charge against profits. Prepare relevant account to allocate the profit in the following alternative cases:

(i) If profit for the year is ₹ 1,10,000

(ii) If profit for the year is ₹ 35,000

(iii) If loss for the year is ₹ 10,000.

[Ans. Case (i) Share of Profit : kavital ₹ 20,000; Leela ₹ 10,000 Case (ii) Share of Loss : Kavita ₹ 30,000; Leela ₹ 15,000 Case (iii) Share of Loss : Kavita ₹ 60,000; Leela ₹ 30,000]

Hint: Interest on Capital will be recorded in Profit & Los Account since it is a charge against profits.

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 and can download the Android & ios app for free lectures.

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