[NCERT] Q 1 Accounting for Partnership Basic Concepts Solutions Class 12

Solutions of Question number 1 of Accounting for Partnership Basic Concepts NCERT Accountancy Class 12 CBSE Board.

Triphati and Chauhan are partners in a firm sharing profits and losses in the ratio of 3 : 2. Their capitals were ₹ 60,000 and ₹ 40,000 as on April 01, 2019. During the year they earned a profit of ₹ 30,000. According to the partnership deed both the partners are entitled to ₹ 1,000 per month as salary and 5% p.a. interest of their capital. They are also to be charged an interest of 5% p.a. on their drawings, irrespective of the period, which is ₹ 12,000 for Tripathi, ₹ 8,000 for Chauhan. Parepare Partner’s capital/current accounts when, capitals are fixed.

(Ans : Tripathi’s Current account Balance ₹ 3,600, Chauhan’s Current account Balance ₹ 6,400). Tripahti’s capital ₹ 60,000. Chauhan capital ₹ 40,000).

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