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Question 33 Chapter 2 of Class 12 Part – 1 Usha Publication
33. (Profit & Loss App. A/c / Current a/c/ Interest on Drawings) A B and C are partners with fixed capitals of Rs.30,000. Rs.20,000 and Rs.10,000 respectively. They share profit and losses n the ratio of 3:2:1. Interest on Drawings is to be charged at the rate of 10% p.a. The capitals are also to be allowed interest @9% p.a.
The balance of current accounts on 1st Jan 2019 was A-Rs.16,000(Cr.), B- Rs.12,000(Cr.) and C-Rs.800(Dr.) Their drawings during the year were A-Rs.1200; B-Rs.1,000 and C- Rs.800. The profit of the year was Rs.17,130 before adjustment for interest as above.
Show the distribution of profit and draw up the capital and current accounts of the partners.
We are providing a solution of Question 33 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 questions numbers 28 to 33 Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 33 from the following video by using time stamps of the video.
Profit and Loss Appropriation Account A/c
| Particulars |
Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Interest on capital - | By Profit & Loss A/c | 17,130 | |||
| A | 2,700 | By interest on drawings: | |||
| B | 1,800 | A | 60 | ||
| C | 900 | 5,400 | B | 50 | |
| C | 40 | 150 | |||
| To Net profit transferred to Current a/cs | |||||
| -A (1/2) | 5,940 | ||||
| -B (1/3) | 3,960 | ||||
| -C (1/6) | 1,980 | 11,880 | |||
| 17,280 | 17,280 | ||||
| Partners’ Current Accounts |
|||||||||
| Particulars |
A | B | C | Particulars |
A | B | C | ||
|---|---|---|---|---|---|---|---|---|---|
| To balance b/d | - | - | 800 | By Balance B/d | 16,000 | 12,000 | - | ||
| To Drawings A/c | 1,200 | 1,000 | 800 | By Interest on Capital A/c | 2,700 | 1,800 | 900 | ||
| To Interest on Drawings A/c | 60 | 90 | 72 | By net profit | 6,000 | 4,000 | 2,000 | ||
| To Balance c/d | 23,380 | 16,710 |
1,240 |
||||||
| 24,640 | 17,760 | 2,880 | 24,640 | 17,760 | 2,880 | ||||
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.
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