DK Goel Solutions Q 18 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 18, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 18
A and B are partners sharing profits and loss in the ratio of their capitals which were ₹ 6,00,000 and ₹ 4,00,000 respectively on 1st April 2021. The partnership deed provides that:
- (i) Both partners will get monthly salary of ₹ 20,000 each;
- (ii) Interest on capital will be allowed @ 8% p.a.;
- (iii) A will get a quarterly rent of ₹ 24,000 for the use of his property by the firm.
On 1st July, 2021 A and B granted loans of ₹ 1,00,000 and ₹ 50,000 respectively to the firm. During the year ended 31st March 2022, the firm incurred a loss of ₹ 17,250 before any adjustment is made as per partnership deed.
Prepare an account showing the distribution of profit/loss.
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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