DK Goel Solutions Q 10 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 10, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 10
A, B and C were partners in a firm having capitals of ₹ 2,00,000; ₹ 2,00,000 and ₹ 80,000 respectively on 1st April, 2022. Their Current Account balances were A : ₹ 20,000; B : ₹ 10,000 and C : ₹ 5,000 (Dr.). According to the partnership deed the partners were entitled to interest on capital @ 10% p.a. B being the working partner was also entitled to a salary of ₹ 6,000 per quarter. The profits were to be divided as follows :
- (a) The first ₹ 60,000 in proportion to their capitals.
- (b) Next ₹ 1,00,000 in the ratio of 4 : 3 : 1.
- (c) Remaining profits to be shared equally.
The firm made a profit of ₹ 2,80,000 for the year ended 31st March, 2023 before charging any of the above items. Prepare the Profit & Loss Appropriation Account and pass necessary journal entry for apportionment of profits.
Solution
All questions of Chapter 1
Orange = this question · Grey = already opened.
About this solution
This is Chapter 1 Accounting for Partnership Firms – Fundamentals of DK Goel For 2024 Examinations.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.