[CBSE] Q. 69 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 69 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Piya and Shreya are partners in a firm. Their Capital Accounts as on 1st April, 2023 were ₹ 5,00,000 and ₹ 3,00,000 respectively.

As per provisions of the Deed:

(i) Piya was entitled to a remuneration of ₹ 60,000 per year and Shreya a remuneration of ₹ 6,000 per month.

(ii) Interest on Capitals was to be provided @ 6% p.a.

Ignoring the above terms, net profit of ₹ 4,00,000 for the year ended 31st March, 2024 was distributed between the partners in the ratio of their capitals.

Pass the journal entries to rectify the above errors.

[Ans. Net profit credited to partners ₹ 1,10,000 each.]

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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