Question 12 Chapter 2 of Class 12 Part - 1 VK Publication

Question 12 Chapter 2 of Class 12 Part - 1

12. Reena and Raman are partners with capitals of Rs. 3,00,000 and Rs. 1,00,000 respectively. The pfit (as per Profit and Loss Account) for the year ended 31st March, 2018 was Rs. 1,20,000. Interest on capital is to be allowed at 6% p.a. Raman was entitled to a salary of Rs. 30,000 p.a. The drawings of partners were Rs. 30,000 and Rs. 20,000. The interest on drawings to be charged to Reena was Rs. 1,000 and to Raman, Rs. 500. Assuming that Reena and Raman are equal partners. State their share of profit after necessary appropriations and capital account of both partners.

The solution of Question 12 Chapter 2 of Class 12 Part - 1: -

Profit and Loss Appreciation Account

for the year ended 31st March, 2017

Particulars		Amount	Particulars		Amount
To Interest on Capital A/c:			By Net Profit		1,20,000
Reena	18,000		By Interest on Drawings
Raman	6,000	24,000	Reena	1,000
To Raman’s Capital A/C		30,000	Raman	500	1,500
To Profit Transferred To
Reena Capital A/C	33,750
Raman Capital A/C	33,750	67,500
		1,21,500			1,21,500

Partner's Capital Account

Particulars	Reena Rs.	Raman Rs.	Particulars	Reena Rs.	Raman Rs.
To Drawings Account	30,000	20,000	By Balance b/d	3,00,000	1,00,000
To Interest on Drawings	1,000	500	By Interest on Capital	18,000	6,000
To Balance c/d	3,20,750	1,49,250	By Salaries A/c	-	30,000
			By P & L App. A/c	33,750	33,750
	3,51,750	1,69,750		3,51,750	1,69,750

 

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Usha Publication - Accountancy PSEB (Class 12) - Volume I - Solution

Chapter No. 1 - Accounting Not for Profit Organisations

Chapter No. 2 - Partnership Accounts - I (Introduction)

Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)

Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)

Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)

Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)

Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)

Chapter No. 8 - Company Accounts (Share Capital)

Chapter No. 9 - Company Accounts (Issue of Debentures)

Chapter No. 10 - Company Accounts (Redemption of Debentures)

Usha Publication - Accountancy PSEB (Class 12) - Volume II - Solution

Chapter No. 1 - Financial Statements of a Company

Chapter No. 2 - Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 - Ratio Analysis

Chapter No. 5 - Cash Flow Statement

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