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

Share your love

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

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:-

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.]

Solution:-

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

Articles: 6105

Leave a Reply

Your email address will not be published.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

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh