[CBSE] Q. 4 Solution Fundamentals of Partnership Firms DK Goyal [2023-24]

Are you looking for the solution of Question Number 4 of the Fundamentals of partnership firm chapter DK Goyal Book 2023-24 Edition?

I have given Solutions of Practical Questions number 4 of the Accounting for partnership firm Fundamentals chapter of DK Goyal CBSE Board 2023-24 Edition.

Solution of Question number 4 of Accounting for Partnership Firms – Fundamentals DK Goyal 2023-24

Q. 4 (A)

On 1st April 2021 A and B commenced business with Capitals of ₹ 6,00,000 and ₹ 2,00,000 respectively. On 31st March 2022 the net profit (before taking into account the provisions of the deed) was ₹ 2,40,000. Interest on Capital is to be allowed at 5% p.a. B was entitled to a salary of ₹ 60,000 p.a. The Drawing of partner’s A and B were ₹ 60,000 and ₹ 40,000 respectively. The interest on Drawings for A being ₹ 2,000 and B ₹ 1,000. Assuming that A and B are equal partners, prepare the Profit and Loss Appropriation A/c and Partner’s Capital Accounts as at 31st March 2022.

[Ans. Divisible Profits ₹ 1,35,000; Capitals A ₹ 6,41,500 and B ₹ 2,98,500.]

Solution:-

Q. 4 (B).

Anubha and Kajal entered into a 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 the 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 the partner’s 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.]

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