DK Goel Solutions Q 51 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 51, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 51
Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals were : Suresh ₹ 9,00,000 and Ramesh ₹ 6,00,000. The partnership deed provided for the following :
- (i) Interest on capital @ 5% per annum.
- (ii) ₹ 60,000 per annum salary to Suresh and salary ₹ 2,000 per month to Ramesh. The profit earned by the firm for the year ended 31-3-2022 was ₹ 2,34,000.
The profits were divided equally without providing for the above.
Pass adjustment entry
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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