[CBSE] Q. 96 DK Goel Fundamentals of Partnership [2024-25]

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Solution of Question Number 96 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

Arun and Arora were partners in a firm sharing profits in the ratio of 5 : 3. Their fixed capitals on 1.4.2023 were : Arun ₹ 60,000 and Arora ₹ 80,000. They agreed to allow interest on capital @ 12% per annum and to charge on drawings @ 15% per annum. The profit of the firm for the year ended 31.3.2024 before all above adjustments were ₹ 12,600. The drawings made by Arun were ₹ 2,000 and by Arora ₹ 4,000 during the year. Prepare Profit and Loss Appropriation Account of Arun and Arora. Show your calculations clearly. The interest on capital will be allowed even if the firm incurs a loss.

[Ans. Share of Net Loss: Arun ₹ 2,344 and Arora ₹ 1,406.]

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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