[CBSE] Q. 6 Solution Fundamentals of Partnership Firms DK Goyal [2023-24]
Are you looking for the solution of Question Number 6 of the Fundamentals of partnership firm chapter DK Goyal Book 2023-24 Edition?
I have given Solutions of Practical Questions number 6 of the Accounting for partnership firm Fundamentals chapter of DK Goyal CBSE Board 2023-24 Edition.
X and Y are partners with capitals of ₹ 1,00,000 and ₹ 80,000 respectively on 1st April 2022 and their profit sharing ratio of 2 : 1. Interest on capital is agreed @ 12% p.a. Y is to be allowed an annual salary of ₹ 6,000. The profit for the year ended 31st March 2023 amounted to ₹ 50,000. The manager is entitled to a commission of 10% of the profits.
Prepare Profit and Loss Appropriation Accounts and Capital Accounts.
[Ans. Divisible Profit ₹ 17,400; Commission to manager is 10% of ₹ 50,000, i.e., ₹ 5,000. Balances of Capital Accounts: X ₹ 1,23,600 and Y ₹ 1,01,400.]