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Question 33 Chapter 2 - Unimax Class 12 Part 1
33. Alisha, Aman and Meenu are three partners. On 1st April, 2020 their respective Capitals were Rs. 80000, Rs. 60000 and Rs. 40000. On the same date, their current account balance were Alish = Rs. 4000 (Cr.), Aman = Rs. 2000 (Dr.), Meenu = Rs. 2500 (Cr.).
Profits are to be divided equally upto Rs. 15000. Above that amount Alisha gets 50%, Aman gets 30% and Meenu gets 20%. Drawings of Alisha, Aman and Meenu for year ending 31st March, 2021 were Rs. 4000, Rs. 1000, Rs. 1500 respectively. The profit for year ended 31st March, 2021 amounted to Rs. 33200 before charging interest on capital which is allowed @ 4% per annum.
You have to prepare Profit and Loss Appropriation Account, Partners Capital Accounts and Partners Current Accounts.
Profit & Loss of Appropriation A/c For the year ended Dec. 31, 2021
| Particulars | Rs. | Particulars | Rs. | |
|---|---|---|---|---|
| To Interest on Capital | By Net Profit | 33200 | ||
| - Alisha | 3200 | |||
| - Aman | 2400 | |||
| - Meenu | 1600 | 7200 | ||
| To Profit transferred to capital A/c | ||||
| - Alisha | 10500 | |||
| - Aman | 8300 | |||
| - Meenu | 7200 | 26000 | ||
| 33200 | 33200 |
Partners’ Capital Accounts
| Particulars | Alisha | Aman | Meenu | Particulars | Alisha | Aman | Meenu |
|---|---|---|---|---|---|---|---|
| To Balance c/d | 80000 | 60000 | 40000 | By Balance b/d | 80000 | 60000 | 40000 |
Partners’ Capital Accounts
| Particulars | Alisha | Aman | Meenu | Particulars | Alisha | Aman | Meenu |
|---|---|---|---|---|---|---|---|
| To Balance b/d | - | 2000 | - | By Balance b/d | 4000 | - | 2500 |
| To Drawings A/c | 4000 | 1000 | 1500 | By P& L app. A/c (share & profit) | 10500 | 3200 | 7200 |
| To Balance c/d | 13700 | 7700 | 9800 | By Interest on capital | 3200 | 2400 | 1600 |
| 17700 | 10700 | 11300 | 17700 | 10700 | 11300 |
Working Notes : Calculation of Share of Profit :
Profit Sharing Ratio = 4 : 3 : 2
Alisha = Rs. 15000 x 1/3 + Rs. (26000 -15000) x 50/100
= Rs. 10500
Aman = Rs. 15000 x 1/3 + Rs. (26000 -15000) x 30/100
= Rs. 8300
Meenu = Rs. 15000 x 1/3 + Rs. (26000 -15000) x 20/100
= Rs. 7200
https://tutorstips.com/not-for-profit-organisations/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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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