DK Goel Solutions Q 68 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 68, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 68
The Capital Accounts of P, Q and R stood at ₹ 2,00,000; ₹ 1,50,000 and ₹ 1,00,000 respectively after the necessary adjustments in respect of drawings and net profit for the year ended 31st March, 2019. It was subsequently ascertained that interest on capital @ 10% p.a. was not taken into account while arriving at the divisible profits for the year.
Drawings during the year 2018-19 had been : P ₹ 5,000 per month; Q ₹ 15,000 quarterly and R ₹ 30,000.
The net profit for the year amounted to ₹ 1,80,000 and partners shared profits and losses in the ratio of 2 : 2 : 1. You are required to pass the necessary journal entries to rectify the lapse in accounting.
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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