[CBSE] Q. 53 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 53 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

A, B and C were partners in a firm. On 1-4-2022 their capitals stood at ₹ 5,00,000, ₹ 2,50,000 and ₹ 2,50,000 respectively. As per the provisions of the partnership deed:

(a) C was entitled for a salary of ₹ 10,000 p.m.

(b) Partnersh were entitled to interest on capital at 5% p.a.

(c) Profits were to be shared in the ratios of capitals.

The net profit for the year ended 31.3.2023 of ₹ 3,30,000 was divided equally without providing for the above terms.

Pass an adjustment entry to rectify the above error.

Ans:

A’s Capital A/c Dr. 5,000
B’s Capital A/c Dr. 57,500
To C’s Capital A/c 62,500

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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