DK Goel Solutions Q 73 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 73, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 73
The partners of a firm distributed the profits for the year ended 31st March, 2021, ₹ 1,50,000 in the ratio of 2 : 2 : 1 without providing for the following adjustments:
- (i) A and B were entitled to a salary of ₹ 1,500 per quarter.
- (ii) C was entitled to a commission of ₹ 18,000.
- (iii) A and C had guaranteed a minimum profit of ₹ 50,000 p.a. to B.
- (iv) Profits were to be shared in the ratio of 3 : 3 : 2.
Pass necessary journal entry for the above adjustments in the books of the firm.
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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