[CBSE]Q. 8 solution of Fundamentals of Partnership Firms DK Goel (2022-23)

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Solution to Question number 8 of the Fundamentals of partnership firm chapter DK Goel Book 2022-23

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, 2020. Each partner is entitled to 10% p.a. interest on his capital. B is entitled a commission of 10% on net profit remaining after deducting interest on capital but before charging any commission. A is entitled 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, 2021 prior to calculation of interest on capital was ₹ 6,00,000.

Prepare 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.]

Solution:-

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