[CBSE] Q. 72 DK Goel Fundamentals of Partnership [2026-27]

Solution of Question Number 72 of the Fundamentals of partnership firm DK Goel CBSE Board (2026-27)

Aakash and Baadal entered into partnership on 1st October, 2023 with the capitals of ₹ 80,00,000 and ₹ 60,00,000 respectively.

They decided to share profit and losses equally. Partners were entitled to interest on capital @ 10% p.a. as per the provisions of the partnership deed.

Baadal is given a guarantee that his share of profit, after charging interest on capital, will not be less than ₹ 7,00,000 per annum.

Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31st March, 2024 amounted to ₹ 13,00,000.

Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024.

[Ans. Share of Divisible Profit : Aakash ₹ 2,50,000; Badaal ₹ 3,50,000.]

Solution: