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Question 35 Chapter 3 - Unimax Class 12 Part 1
35. Aman and Guneet are partners. As on 1st April, 2020, the Capital of the partnership was Rs. 30000 out of which Rs. 19000 stood to credit of Aman and Rs. 11000 to the credit of Guneet Profits and Losses are to be divided in 3 : 2. On 31st March, 2021 their total combined capital is Rs. 50000
- During year ended 31st March, 2021 Guneet’s drawings were Rs. 7000.
- Aman was provided annual salary of Rs. 6000 during year ended 31st March, 2021.
Assuming that partners were credited interest on Capital @ 5% per annum, prepare capital a/cs of partners.
Partners’ Capital Accounts
| Particulars | A | B | Particulars | A | B |
|---|---|---|---|---|---|
| To Drawings A/c | - | 7000 | By Balance b/d | 19000 | 11000 |
| To Bal c/d | 37650 | 12350 | By Interest on Capital | 950 | 550 |
| By Salary A/c | 6000 | ||||
| By Profit & Loss Appro. A/c (Profit) | 11700 | 7800 | |||
| 37650 | 19350 | 37650 | 19350 |
Working Note :
| (1) Capital at the end | 50000 |
| Add Drawings during the year | 7000 |
| 57000 |
| Less Salary of Aman | 6000 | |
| Less Capital in the beginning | 30000 | |
| Less Interest on Capital | 1500 | 37500 |
| Profit during the year | 19500 |
(2) Aman’s share of profit = 19500 x 3/5 = Rs. 11700
Guneet’s share of profit = 19500 x 2/5 = Rs. 7800
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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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