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Question 41 Chapter 2 of Class 12 Part – 1 Usha Publication
41. (Fixed and Fluctuating Capital a/c’s) On 1st January,2017, A and B entered in a partnership and contributed Rs.40,000 and Rs.30,000 respectively. They share profits and losses in the ratio of 3:2. B is to be allowed a salary of Rs.8,000 per year. Interest on capitals is to be allowed at 5% p.a. and interest is to be charged on drawings. During the year A withdrew Rs.6,000 and B Rs. 12,000 on which interest in case of A being Rs.140 and B Rs.100. Profit in 2017 before the above noted adjustments was Rs.21,160. Show the distribution of profits between the partners and prepare capital accounts when:
(a) Capitals are fluctuating.
(b) Capitals are fixed.
We are providing a solution of Question 41 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 number from 41 to 45 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 41 from the following video by using time stamps of the video.
Profit and Loss App. A/c
| Particulars |
Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Interest on Capital : | By Profit b/d | 21,160 | |||
| - A | 2,000 | By interest on drawings: | |||
| -B | 1,500 | 3,500 | -A | 140 | |
| To B’s Salary | 8,000 | -B | 100 | 240 | |
| To Net profit transferred to Capital a/cs | |||||
| -A (3/5) | 5,940 | ||||
| -B (2/5) | 3,960 | 9,900 | |||
| 21,400 | 21,400 | ||||
(a)If capitals are fluctuating :
Partners’ Capital Account
| Particulars |
A | B | Particulars |
A | B | ||
|---|---|---|---|---|---|---|---|
| To Drawings A/c | 6,000 | 12,000 | By Balance b/d | 40,000 | 30,000 | ||
| To Interest on Drawings A/c | 140 | 100 | By Interest on Capital A/c | 2,000 | 1,500 | ||
| By Salary | -- | 8,000 | |||||
| By P&L Appropriation A/c | 5,940 | 3,960 | |||||
| To Balance c/d | 41,800 | 31,360 | |||||
| 47,940 | 43,460 |
47,940 | 43,460 | ||||
Partners’ Capital Accounts
| Particulars |
A | B | Particulars |
A | B | ||
|---|---|---|---|---|---|---|---|
| By Balance B/d | 40,000 | 30,000 | |||||
| To Balance c/d | 40,000 | 30,000 | |||||
| 40,000 | 30,000 |
40,000 | 30,000 | ||||
Partners’ Current Accounts
| Particulars |
A | B | Particulars |
A | B | ||
|---|---|---|---|---|---|---|---|
| To Drawings A/c | 6,000 | 12,000 | By Interest on Capital A/c | 2,000 | 1,500 | ||
| To Interest on Drawings A/c | 140 | 100 | By Salary | -- | 8,000 | ||
| By P&L Appropriation A/c | 5,940 | 3,960 | |||||
| To Balance c/d | 1,800 | 1,360 | |||||
| 7,940 | 13,460 |
7,940 | 13,460 | ||||
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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