[CBSE] Q. 82 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 82 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

X, Y and Z are in the partnership and on 1st April, 2023, their respective capitals were ₹ 2,00,000; ₹ 1,20,000 and ₹ 1,00,000. Y is entitled to a salary of ₹ 25,000 and Z ₹ 20,000 per annum, payable before division of profits. Interest is allowed on capital at 5% per annum but is not charged on drawings. Of the net divisible profits of the first ₹ 1,00,000; X is entitled to 40 per cent; Y to 35 per cent and Z to 25 per cent, over that amount profits are shared equally. The profit for the year ended 31st March, 2024, after debiting partnership salaries, but before charging interest on capitals, was ₹ 1,81,000 and the partners had drawn ₹ 8,000 each. Prepare pratner’s capital accounts for the year.

[Ans. Divisible Profits ₹ 1,60,000; Balance of Capital Accounts X ₹ 2,62,000; Y ₹ 1,98,000; Z ₹ 1,62,000.]

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 for free lectures

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