Question 15 Chapter 2 of Class 12 Part – 1 Usha Publication

Question 15 Chapter 2 of Class 12 Part – 1 Usha Publication

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.

The solution of Question 15 Chapter 2 of Class 12 Part – 1 Usha Publication: -

We are providing a solution of Question 15 Chapter 2 of Class 12 Part - 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of questions numbers 3, 4, 13, 14, 15 & 17 Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 15 from the following video by using time stamps of the video.

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2. Check out the Solution of this question in Article Format: -

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)