[CBSE] Q. 75 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 75 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

X and Y were sharing profits in the ratio of 2 : 1. On 1st April, 2023 they admitted Z for 1/4th share in the profits. Z is guaranteed a minimum profit of ₹ 1,00,000 for the year. Any deficiency in Z’s share is to be borne by X and Y in the ratio of 3 : 2. Losses for the year ending 31st March, 2024 amounted to ₹ 1,20,000. Record necessary entries.

Ans. (i) First of all, loss of ₹ 1,20,000 will be debited to X, Y and Z in their new profit sharing ratio of 2 : 1 : 1.

(ii) Thereafter, Z’s deficiency of ₹ 1,30,000 will be borne by X and Y in 3 : 2.]

Solution:-

Here is the complete index of solutions

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1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
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58Question – 58
59Question – 59
60Question – 60(A), 60(B), 60 (C)
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103Question – 103
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105Question – 105
106Question – 106
107Question – 107
108Question – 108
109Question – 109
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 for free lectures

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