[CBSE]Q. 4 (b) solution of Fundamentals of Partnership Firms DK Goel (2022-23)

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Solution to Question number 4 (b) of the Fundamentals of partnership firm chapter DK Goel Book (2022-23)

Anubha and Kajal entered into partnership sharing profits and losses in the ratio of 2 : 1. Their capitals were ₹ 90,000 and ₹ 60,000. The profit during the year were ₹ 45,000. According to partnership deed, both partners are allowed salary, ₹ 700 per month to Anubha and ₹ 500 per month to Kajal. Interest is allowed on capital @ 5% p.a. The drawings during the period were ₹ 8,500 for Anubha and ₹ 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital accounts are fluctuating.

[Ans. Divisible Profit ₹ 23,476; Capital Account balance : Anubha ₹ 1,09,838 and Kajal ₹ 70,162. Interest on Drawings : Anubha ₹ 213 and Kajal ₹ 163.]

Hint: Interest on Drawings will be charged for six months.

Solution:-

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