Question 29 Chapter 3 - Unimax Class 12 Part 1 - 2021

Question 29 Chapter 3 - Unimax Class 12 Part 1

29.Amar and Akbar are two partners sharing profits and losses equally and their respective opening capitals are Rs. 60000 and Rs. 30000. Profits for the year are Rs. 25000 before charging interest on drawings. Interest at 6% per annum is to be charged on drawings which were as follows :
Amar = Rs. 600 per month in the beginning of each month.
Akbar = Rs. 600 per month at the end of each month.
Assuming that Capitals are fluctuating, prepare Profit and Loss Appropriation Account and partners’ capital accounts.

The solution of Question 29 Chapter 3 - Unimax Class 12 Part 1:

Profit & Loss of Appropriation A/c For the year ended 

Particulars		Rs.	Particulars		Rs.
To share of profit			By Net Profit		25000
- Amar	12716		By int. on drawings A/c
- Akbar	12716	25432	- Amar	234
			- Akbar	198	432
		25432			25432

Calculation of Interest and drawings :-
Amar= 7200 x 6/100 x 6.5/12 = Rs. 234
Akbar= 7200 x 6/100 x 5.5/12 = Rs. 198

 

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication