DK Goel Solutions Q 48 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 48, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 48
P, Q and R are partners sharing profits in the ratio of 2 : 1 : 1. Their capitals as on 1st April, 2023 were ₹ 50,000, ₹ 30,000 and ₹ 20,000 respectively. At the end of the year ending 31st March, 2022 it was found out that interest on capitals @ 12% p.a., salaries to P, ₹ 500 per month and R ₹ 1,000 per month were not adjusted from the profits. Show adjusting entry to be made in the next year for above adjustments.
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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