[CBSE] Q. 49 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 49 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

P, Q and R are partners sharing profits in the ratio of 2 : 1 : 1. Their capitals as on 1st April, 2023 were ₹ 50,000, ₹ 30,000 and ₹ 20,000 respectively. At the end of the year ending 31st March, 2024 it was found out that interest on capitals @ 12% p.a., salaries to P, ₹ 500 per month and R ₹ 1,000 per month were not adjusted from the profits. Show adjusting entry to be made in the next year for above adjustments.

[Ans. Capital A/cs of P and Q will be debited by ₹ 3,000 and ₹ 3,900 respectively; and Capital A/c of R will be credited by ₹ 6,900.]

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 for free lectures

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