[NCERT] Q 4 Accounting for Partnership Basic Concepts Solutions Class 12

Share your love

Solutions of Question number 4 of Accounting for Partnership Basic Concepts NCERT Accountancy solutions Class 12 CBSE Board.

Aakriti and Bindu entered into partnership for making garment on April 01, 2019 without any Partnership agreement. They introduced Capitals of ₹ 5,00,000 and ₹ 3,00,000 respectively on October 01, 2019. Aakriti Advanced ₹ 20,000 by way of loan to the firm without any agreeemnt as to interest. Profit and Loss account for the year ended March 31 2020 showed profit of ₹ 43,000. Partners could not agree upon the question of interest and the basis of division of profit. You are required to divided the profits between them by preparing Profit and Loss Appropriation Account. Also give reasons in Support of your answer.

(Ans : Profit shares equal Aakriti and Bindu ₹ 21,200)


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 and can download the Android & ios app for free lectures.

Articles: 6105

Leave a Reply

Your email address will not be published.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


Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.