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Question 37 Chapter 2 - Class 12 Part 1 Unimax
37. The partnership agreement of Kanu and Shruti provides that :
(i) Profits will be shared equally.
(ii) Shruti will be allowed an annual salary of Rs. 4800.
(iii) Kanu will be allowed a commission equal to 10% of net profit after allowing Shruti’s salary but before any other adjustments.
(iv) 7% interest will be allowed on partners’ fixed capitals.
(v) 5% interest will charged on partners’ annual drawings without considering time period.
(vi) The fixed Capitals of Kanu and Shruti are Rs. 100000 and Rs. 80000 respectively. Their annual drawings were Rs. 16000 and Rs. 14000 respectively.
The net profit for year ending 31st March, 2021 before providing above adjustments amounted to Rs. 40000. Prepare firm’s Profit and Loss Appropriation Account.
Profit & Loss of Appropriation A/c For the year ended 31st March, 2021
Working Note :
(1) Kanu’s Commission = (40000 – 4800) @ 10%
= 35200 x 10% = 3520
(2) Interest on Drawings
Kanu : 16000 x5/100= Rs. 800
Shruti 14000 x5/100= Rs. 700
End of Solution
The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Basic Concepts) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
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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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