DK Goel Solutions Q 54 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 54, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 54
A, B and C were partners in a firm. Their partnership deed provided that the profits shall be divided as follows :
- First ₹ 60,000 in the ratio of 3 : 2 : 1;
- Remaining profits will be shared equally.
The profits for the year ended 31st March, 2022 were ₹ 1,50,000 which had been distributed among the partners. On 1st April, 2021 their Capitals were A ₹ 4,00,000, B ₹ 3,00,000 and C ₹ 2,00,000. Interest on Capital was to be provided @ 8% p.a. which was omitted to be provided before distribution of profits.
Pass necessary rectifying entry for the same.
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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