[CBSE] Q. 83 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 83 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Tulsi and Kabir are partners sharing profits in proportion of 3 : 2 with capitals of ₹ 8,00,000 and ₹ 6,00,000 respectively. Interest on capitals is agreed at 6% p.a. Tulsi is to be allowed a salary of ₹ 6,000 per month. For the year ended 31st March, 2024, the profits prior to calculation of interest on capital but after charging Tulsi’s salary amounted to ₹ 2,28,000. Manager is to be allowed a commission of 10% of the profits.

Prepare an account showing the allocation of profits.

[Ans. Divisible profit ₹ 1,14,000; Manager’s Commission will be 10% of ₹ 3,00,000, i.e., ₹ 30,000.]

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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