[CBSE] Q. 79 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 79 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3 : 1. The profit and loss account of the firm for the year ending March 31, 2024 shows a net profit of ₹ 1,50,000. Prepare the Profit and Loss Appropriation Account and Partner’s Current Accounts by taking into consideration the following information:

(i) Partner’s Capital on April 1, 2023:

Simmi ₹ 30,000; Sonu ₹ 60,000.

(ii) Current accounts balances on April 1, 2023:

Simmi ₹ 30,000 (Cr.); Sonu ₹ 15,000 (Cr.)

(iii) Partners drawings during the year amounted to:

Simmi ₹ 20,000; Sonu ₹ 15,000.

(iv) Interest on capital was allowed @ 5% p.a.

(v) Interest on drawing was to be charged @ 6% p.a. at an average of six months.

(vi) Partner’s Salaries: Simmi ₹ 12,000 and Sonu ₹ 9,000. Also show the partner’s current accounts.

[Ans. Divisible Profit ₹ 1,25,550; Current Account balance : Simmi ₹ 1,17,063 and Sonu ₹ 42,937.]

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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