[CBSE] Q. 52 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 52 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals were : Suresh ₹ 9,00,000 and Ramesh ₹ 6,00,000. The partnership deed provided for the following:

(i) Interest on capital @ 5% per annum.

(ii) ₹ 60,000 per annum salary to Suresh and Salary ₹ 2,000 per month to Ramesh. The profit earned by the firm for the year ended 31.3.2024 was ₹ 2,34,000.

The profits were divided equally without providing for the above.

Pass adjustment entry

Ans:

Ramesh’s Current A/c Dr. 33,000
To Suresh’s Current A/c 33,000

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

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