DK Goel Solutions Q 71 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 71, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 71
A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. Their capitals on 1st April, 2021 were :
A ₹ 5,00,000; B ₹ 3,00,000 and C ₹ 2,00,000.
A had personally guaranteed that in any year C’s share of profit after allowing interest on capital to all partners @8% p.a. and charging interest on drawings @10% p.a. will not be less than ₹ 1,00,000.
The net profit for the year ended 31st March, 2022, before allowing or charging any interest amounted to ₹ 4,32,000.
- A has withdrawn ₹ 5,000 at the end of every month.
- B has withdrawn ₹ 15,000 at the end of every quarter.
- C has withdrawn ₹ 60,000 during the year.
Prepare Profit and Loss Appropriation Account for the year 2021-22.
Solution
All questions of Chapter 1
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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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