[CBSE] Q. 8 Solution Fundamentals of Partnership Firms DK Goyal [2023-24]
Are you looking for the solution of Question Number 8 of the Fundamentals of partnership firm chapter DK Goyal Book 2023-24 Edition?
I have given Solutions of Practical Questions number 8 of the Accounting for partnership firm Fundamentals chapter of DK Goyal CBSE Board 2023-24 Edition.
A and B are partners in a firm sharing profits or losses in the ratio of 2 : 3 with capitals of ₹ 4,00,000 and ₹ 8,00,000 respectively on 1st April 2022.
Each partner is entitled to 10% p.a. interest on his capital.
B is entitled to a commission of 10% on the net profit remaining after deducting interest on capital but before charging any commission.
A is entitled to a commission of 8% of net profit remaining after deducting interest on capital and after charging all commissions.
The Profit for the year ended 31st March 2023 prior to the calculation of interest on capital was ₹ 6,00,000.
Prepare the profit and Loss Appropriation Account.
[Ans. Share of Profit A – ₹ 1,60,000 and B ₹ 2,40,000; Commission to B ₹ 48,000 and to A ₹ 32,000.]