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

Share your love

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).

Solution:-

Share your love
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

Articles: 7052

Leave a Reply

Your email address will not be published. Required fields are marked *

x