DK Goel Solutions Q 27 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 27, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 27
Current Account’s Balances as on 1st April, 2021 were as :— Amit : ₹ 5,000 (Cr.), Namit : ₹ 2,000 (Cr.) and Ruchi : ₹ 1,000 (Dr.). Profit sharing ratio was 3 : 2 : 1. Amit gets a monthly salary of ₹ 1,500.
Amit draws ₹ 2,000 on the first day of each month and Namit draws ₹ 2,000 on the last date of each month while Ruchi draws ₹ 6,000 at the end of each quarter. Interest on drawings is to be charged @ 12% p.a. Profits for the year ended 31st March, 2022 before adjustments of interest on drawings and of salary were ₹ 74,040. Show Current Accounts.
Solution
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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.
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