Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 17 Chapter 2 of Class 12 Part – 1 Usha Publication
17. (Fixed Capital a/c’s) Prepare Current accounts of partner X and Y for the year ended 31st December 2018 from the following information :
| X | Y | |
| Balance of capital account on 1st Jan 2018 | 3,00,000 | 2,00,000 |
| Balance of current accounts on 1st Jan 2018 | 16,640(Cr.) | 4,800(Dr.) |
| Drawings of the partners | 2,000 p.m. | 1,000 p.m. |
| Interest on Capitals @12% p.a. | ? | ? |
| Interest on Drawings @ 12% p.a. | 1,560 | 660 |
| Salary of partners | 9,000 | 6,000 |
| Share in a net loss | 12,000 | 8,000 |
We are providing a solution of Question 17 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:
The video consists solution of question numbers 3, 4, 13, 14, 15 & 17 Chapter no. 2 class 12 of Usha publication. To check the direct solution of question no. 17 from the following video by using time stamps of the video.
Partners’ Current Account for the year ending 31st December 2018
| Particulars |
X | Y | Particulars |
X | Y | ||
|---|---|---|---|---|---|---|---|
| To balance b/d | - | 4,800 | By Balance B/d | 16,640 | - | ||
| To Drawings A/c | 24,000 | 12,000 | By Interest on Capital A/c | 36,000 | 24,000 | ||
| To Interest on Drawings A/c | 1,560 | 660 | By Salary a/c | 9,000 | 6,000 | ||
| To share in losses | 12,000 | 8,000 | |||||
| To Balance c/d | 24,080 | 4,540 | |||||
| 61,640 | 30,000 |
61,640 | 30,000 |
||||
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 17 Chapter 2 of Class 12 Part – 1 Usha Publication", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Textbook Solution.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 17 Chapter 2 of Class 12 Part – 1 Usha Publication" instantly.