[CBSE] Q. 70 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 70 (A), 70 (B) of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

A, B and C are partners in a firm. Their profit sharing ratio is 3 : 2 : 1. However, C is guaranteed a minimum amount of ₹ 10,000 as share of profits every year. Any deficiency arising on that account shall be met by A. The profits for the two years ending 31st March, 2023 and 2024 were ₹ 30,000 and ₹ 90,000 respectively. Prepare Profit and Loss Appropriation Accofunt for the two years.

Ans. 1st year ₹ 10,000 each, 2nd year A ₹ 45,000; B ₹ 30,000 and C ₹ 15,000]

Solution:-

Case – 1

Case – 2

X, Y and Z are partners with capitals of ₹ 4,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. They charge 8% p.a. interest on their capitals are divide the profits in the ratio of 3 : 2 : 1. X has guaranteed that Z’s share shall not amount to less than ₹ 50,000 in any one year.

Their Drawings during the year were ₹ 50,000; ₹ 40,000 and ₹ 35,000 respectively. Net Profits for the year before providing interest on capitals was ₹ 2,52,000. Prepare P & L Appropriation A/c and capital accounts.

[Ans. Profits X ₹ 70,000; Y ₹ 60,000; Z ₹ 50,000.]

Solution:-

Here is the complete index of solutions

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60Question – 60(A), 60(B), 60 (C)
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110Question – 110
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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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