[CBSE] Q. 74 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 74 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

The partners of a firm distributed the profits for the year ended 31st March, 2024, ₹ 1,50,000 in the ratio of 2 : 2 : 1. without providing for the following adjustments:

(i) A and B were entitled to a salary of ₹ 1,500 per quarter.

(ii) C was entitled to a commission of ₹ 18,000.

(iii) A and C had guaranteed a minimum profit of ₹ 50,000 p.a. to B.

(iv) Profits were to be shared in the ratio of 3 : 3 : 2.

Pass necessary journal entry for the above adjustments in the books of the firm.

Ans.

A’s Capital A/c Dr. 12,000
B’s Capital A/c Dr. 4,000
To C’s Capital A/c 16,000

Solution:-

Here is the complete index of solutions

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60Question – 60(A), 60(B), 60 (C)
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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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