[CBSE] Q. 55 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 55 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

X, Y and Z are partners in a firm sharing profits and losses in the ratio 5 : 3 : 2. Their capitals (fixed) are ₹ 2,00,000; ₹ 1,50,000; ₹ 1,25,000 respectively. For the year ended 31st March, 2024 interest on capital was credited to them @ 8% instead of 10%.

Give adjusting journal entry.

[Ans. X’s Current A/c will be debited by ₹ 750; Y and Z’s Current A/cs will be credited by ₹ 150 and ₹ 600 respectively.]

Solution:-

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