DK Goel Solutions Q 69 Chapter 1 Accounting for Partnership Firms-Fundamentals Class 12 CBSE [2023-24]
Step-by-step solution of Question 69, Chapter 1 Accounting for Partnership Firms – Fundamentals, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 69
(A) A, B and C are partners in a firm. Their profit sharing ratio is 3 : 2 : 1. However, C is guaranteed a minimum amount of ₹ 10,000 as share of profits every year. Any deficiency arising on that account shall be met by A. The profits for the two years ending 31st March, 2020 and 2021 were ₹ 30,000 and ₹ 90,000 respectively. Prepare Profit and Loss Appropriation Account for the two years.
(B) X, Y and Z are partners with capitals of ₹ 4,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. They charge 8% p.a. interest on their capitals and divide the profits in the ratio of 3 : 2 : 1. X has guaranteed that Z’s share shall not amount to less than ₹ 50,000 in any one year.
Their Drawings during the year were ₹ 50,000; ₹ 40,000 and ₹ 35,000 respectively. Net profits for the year before providing interest on capitals was ₹ 2,52,000. Prepare P & L Appropriation A/c and capital accounts.
Solution
All questions of Chapter 1
Orange = this question · Grey = already opened.
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.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.