[CBSE] Q. 54 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 54 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

A, B and C were partners in a firm. Their capitals were A ₹ 1,00,000, B ₹ 2,00,000 and C ₹ 3,00,000 respectively on 1st April, 2023. According to the partnership deed they were entitled to an interest on capital @ 5% p.a. In addition A was also entitled to draw a salary of ₹ 5,000 per month. C was entitled to a commission of 5% on net profits. The net profits for the year ending 31st March, 2024 were ₹ 3,60,000 distributed in the ratio of their capitals without providing for any of the above adjustments. The profits were to be shared in the ratio 2 : 3 : 5. Pass the necessary adjustment entry showing the workings clearly.

Ans:

B’s Capital A/c Dr. 34,400
C’s Capital A/c Dr. 21,000
To A’s Capital A/c 55,400

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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