DK Goel Solutions Q 31 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 31, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 31
P, Q and R were partners and the balance of their capital accounts on 1st April 2022 were ₹ 8,00,000 (Credit); ₹ 5,00,000 (Credit) and ₹ 20,000 (Debit) respectively. As per the terms of partnership agreement interest on capitals is to be allowed @ 10% p.a. and is to be charged on drawings @ 12% p.a.
Partners withdrew as follows :
- (i) P withdrew ₹ 10,000 p.m. at the end of each month;
- (ii) Q withdrew ₹ 1,20,000 out of capital on 1st January 2023;
- (iii) R withdrew ₹ 1,20,000 during the year.
The profit for the year ended 31st March, 2023 amounted to ₹ 4,30,000.
You are required to prepare journal entries and partner’s capital accounts.
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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