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Question 15 Chapter 2 of +2-Part-1
15. (Journal Entries) Pass Journal Entries in the following cases:
(a) Profit Rs.25,000 distributed between A and B IN 3:2 ratio.
(b) Partners A gets salary Rs.8,000 and B gets salary Rs.10,000.
(c) Interest on Capital payable to A and B Rs.2,000 and Rs.1,000 respectively.
(d) Transferred to General Reserve Rs.12,000
(e) Commission Rs.4,000 payable to B.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Profit and Loss Appropriation A/c | Dr. | 25,000 | ||
| To A’s Capital A/c (25,000 x 3/5) | 15,000 | ||||
| To B's Capital A/c (25,000 x 2/5) | 10,000 | ||||
| (Being profit distributed among partners) | |||||
| b) | Partners’ Salary A/c | Dr. | 18,000 | ||
| To A’s Capital A/c | 8,000 | ||||
| To B’s Capital A/c | 10,000 | ||||
| (Being salary paid to A and B) | |||||
| c) | Interest on Capital A/c | Dr. | 3,000 | ||
| To A’s Capital A/c | 2,000 | ||||
| To B’s Capital A/c | 1,000 | ||||
| (Being interest on Capital allowed) | |||||
| d) | Profit and Loss Appropriation A/c | Dr. | 12,000 | ||
| To General Reserve A/c | 12,000 | ||||
| (Being general reserve created) | |||||
| e) | Commission A/c | Dr. | 4,000 | ||
| To B’s Capital A/c | 4,000 | ||||
| (Being commission payable to B) | |||||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 15 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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