DK Goel Solutions Q 17 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 17, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 17
P and Q are partners sharing profits and losses in the ratio of 60 : 40. On 1st April, 2022, their capitals were : P — ₹ 5,00,000 and Q — ₹ 3,00,000. During the year ended 31st March, 2023, they earned a profit of ₹ 7,60,000 before taking into account any of the following terms of partnership :
- (i) Interest on the capital is to be charged @ 8% p.a.
- (ii) P will get commission @ 3% on turnover.
- (iii) Q will get a salary of ₹ 5,000 per month.
- (iv) Q will get commission of 5% on profits after deduction of interest, salary and commission (including his own commission).
- (v) P is entitled to a rent of ₹ 20,000 per month for the use of his premises by the firm.
Partner’s drawings for the year were : P — ₹ 40,000 and Q — ₹ 30,000. Turnover for the year was ₹ 20,00,000. After considering the above factors, you are required to prepare the Profit and loss Appropriation Account and the Capital Accounts of the Partners.
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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