[CBSE] Q. 48 DK Goel Fundamentals of Partnership [2026-27]
Solution of Question Number 48 of the Fundamentals of partnership firm DK Goel CBSE Board (2026-27)
Q. 48 (A). On 1st April, 2022 the Capitals of A and B were ₹ 4,00,000 and ₹ 2,00,000 respectively. They divided profits in their capital ratio, Profits for the year ended 31st March, 2023 were ₹ 3,00,000 which have been duly distributed among the partners, but the following transactions, were not passed through the books:-
(a) Interest on Capitals @ 12% p.a.
(b) Interest on Drawings A ₹ 12,000; B ₹ 10,000.
(c) Commission due to B ₹ 20,000 on a special transaction.
(d) A is to be paid a salary of ₹ 50,000.
You are required to pass a journal entry on 10th April, 2023 which will not affect the P & L A/c of the firm and at the same time will rectify the errors.
Ans:
B’s Capital A/c Dr. 6,000
To A’s Capital A/c 6,000
Solution 48(A):-
Q. 48 (B). Kumar and Raja were partners in a firm sharing profits in the ratio of 7 : 3. Their fixed capitals were : Kumar ₹ 9,00,000 and Raja ₹ 4,00,000. The partnership deed provided for the following but the profit for the year was distributed without providing for:
(i) Interest on capital @ 9% per annum.
(ii) Kumar’s salary ₹ 50,000 per year and Raja’s salary ₹ 3,000 per month.
The profit for the year ended 31.3.2023 was ₹ 2,78,000.
Pass the adjustment entry.
Ans.
Kumar’s Current A/c Dr. 11,100
To Raja’s Current A/c 11,100
Solution 48(B):
