DK Goel Solutions Q 62 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 62, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 62
The capital accounts of A, B and C showed credit balances of ₹ 5,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively, after taking into account drawings and net profit of ₹ 3,00,000. They shared profits in the ratio of 2 : 1 : 1. The drawings of the partners during the year 2020-21 were :
- (i) A withdrew ₹ 10,000 at the beginning of each half year.
- (ii) B withdrew ₹ 10,000 at the end of each half year.
- (iii) C’s Drawings were : 1st May, 2020 — ₹ 6,000; 1st October, 2020 — ₹ 5,000; 31st Dec. 2020 — ₹ 4,000; 31st March, 2021 — ₹ 5,000
Calculate interest on partners’ capitals @ 8% p.a. and interest on partners’ drawings @ 10% p.a. for the year ended 31st March, 2021.
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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