[CBSE] Q. 99 DK Goel Fundamentals of Partnership [2024-25]

Solution of Question Number 99 of the Fundamentals of partnership firm DK Goel CBSE Board (2024-25).

A, B and C are partners. Their fixed capitals as on 31st March, 2024 were A ₹ 2,00,000, B ₹ 3,00,000 and C ₹ 4,00,000. Profits for the year ended 31st March, 2024 amounting to ₹ 1,80,000 were distributed. Give the necessary adjusting entry in each of the following alternative cases:

Case (a) Interest on capital was created @ 8% p.a. though there was no such provision in the partnership deed.

Case (b) Interest on capital was not credited @ 8% p.a. though there was such provision in the partnership deed.

Case (c) Interest on capital was credited @ 8% p.a. instead of 10% p.a.

Case (d) Interest on capital was credited @ 10% p.a. instead of 8% p.a.

Ans.

Debit C’s Current A/c and Credit A’s Current A/c with ₹ 8,000;

Debit A’s Current A/c and Credit C’s Current A/c with ₹ 8,000;

Debit A’s Current A/c and Credit C’s Current A/s with ₹ 2,000;

Debit C’s Current A/c and Credit A’s Current A/c with ₹ 2,000;

Solution:-

Case – (a)

Case – (b)

Case – (c)

Case – (d)

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