[CBSE] Q. 78 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 78 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

D, E and F were partners in a firm sharing profits in the ratio of 5 : 7 : 8. Their fixed capitals on 1st April, 2023 were D ₹ 5,00,000, E ₹ 7,00,000 and F ₹ 8,00,000. Their partnership Deed provided for the following:

(i) Interest on capital @ 10% p.a.

(ii) Salary of ₹ 10,000 per month to F.

(iii) Interest on drawings @ 12% p.a.

D withdrew ₹ 40,000 on 30th April, 2023; E withdrew ₹ 50,000 on 30th June 2023 and F withdrew ₹ 30,000 on 31st March, 2024.

During the year ended 31st March, 2024 the firm earned a profit of ₹ 3,50,000.

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

[Ans. Share of Profit D ₹ 9,725; E ₹ 13,615 and F ₹ 15,560.]

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 and can download the Android & ios app for free lectures.

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