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Question 22 Chapter 2 of Class 12 Part - 1
22. Salim and Javed are partners from 1st April, 2017 with capitals of Rs. 40,000 and Rs. 55,000 ( 1st October, 2017; Salim advances 10,000 by way of loan to the firm without any agreement as to interest. They earned a net profit of Rs. 9,600 prior to interest on capital @ 6% p.a. and on loan. Show the Profit and Loss Appropriation Account charging interest on capital and loan for the year ending 31st March, 2018.
Profit and Loss Appreciation Account
For the year ended 31st March 2018
| Particulars |
Amount | Particulars |
Amount | |
|---|---|---|---|---|
| To Interest On Capital A/C: | By Profit and Loss A/c [ 9,600 – 300 ( Interest on Salim’s Loan)] |
9,300 | ||
| Salim | 2,400 | |||
| Javed | 2,100 | 4,500 | ||
| To Profit Transferred To Capital A/C’s | ||||
| Salim | 2,400 | |||
| Javed | 2,400 | 4,800 | ||
| 9,300 | 9,300 | |||
Note: Interest on Salim’s Loan has been charged for 6 Months
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Also, Check out the solved question of all Chapters: -
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)
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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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.
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