DK Goel Solutions Q 52 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 52, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 52
A, B and C were partners in a firm. On 1-4-2022 their capitals stood at ₹ 5,00,000, ₹ 2,50,000 and ₹ 2,50,000 respectively. As per the provisions of the partnership deed :
- (a) C was entitled for a salary of ₹ 10,000 p.m.
- (b) Partners were entitled to interest on capital at 5% p.a.
- (c) Profits were to be shared in the ratios of capitals.
The net profit for the year ended 31.3.2023 of ₹ 3,30,000 was divided equally without providing for the above terms.
Pass an adjustment entry to rectify the above error.
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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