DK Goel Solutions Q 16 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 16, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 16
Radha and Rukmani are partners in a firm with fixed capitals of ₹ 2,00,000 and ₹ 3,00,000 respectively.
They share profits in the ratio of 1 : 2. Both partners are entitled to interest on capitals @ 8% per annum. In addition, Rukmani is entitled to a salary of ₹ 20,000 per month. Business is being carried from the property owned by Radha on a yearly rent of ₹ 1,20,000. Net Profit for the year ended 31st March 2022 before providing for rent was ₹ 5,50,000.
You are required to draw Profit & Loss Appropriation Account for the year ended 31st March, 2022.
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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