[CBSE] Q. 5 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 5 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25)

Q. 5 (A). On 1st April, 2023 A and B commenced business with Capitals of ₹ 6,00,000 and ₹ 2,00,000 respectively. On 31st March, 2024 the net profit (before taking into account the provisions of deed) was ₹ 2,40,000. Interest on Capitals is to be allowed at 6% p.a. B was entitled to a salary of ₹ 60,000 p.a. The drawings of the partners 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 & Loss Appropriation A/c and Partne’s Capital Accounts as at 31st March, 2024.

[Ans. Divisible Profits ₹ 1,35,000; Capital A ₹ 6,41,50 and B ₹ 2,98,500.]

Note: In the absence of Information, Capitals will be treated fluctuating.

Q. 5 (B).

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 paratnership 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.]

Solution

Answer – 5(A)

Answer – 5 (B)

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Anurag Pathak

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