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Question 42 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part - 1

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Question 42 Chapter 2 of +2-Part-1

42. (Fluctuating Capital a/c’s/ Profit & Loss App. A/c) A and B are in partnership sharing profits and losses equally. A’s Capital is Rs.10,000 and B’s Capital is Rs.2,000. Profits for the year ended 31st March 2019 are Rs 6,000 before charging interest on drawings. Interest at 5% p.a. is to be charged on drawings which were as follows:

A	Amount	B	Amount
1st July 2018	200	1st June 2018	100
1st Aug 2018	100	1st July 2018	100
1st Sept 2018	300	1st Sept. 2018	50
1st Nov 2018	50	1st Oct 2018	200
1st Feb. 2019	100	1st Dec. 2018	300

Assuming that the capitals are fluctuating, show the partners capital accounts and profit and loss App. account.

Particulars		Amount	Particulars		Amount
			By Profit b/d		6,000
			By interest on drawings:
			-A	21.46
			-B	19.38	40.84

To Net profit transferred to Capital a/cs
-A (1/2)	3,020.42
-B (1/2)	3,020.42	6,040.84
		6,040.84			6,040.84

Particulars	A	B	Particulars	A	B
Profit and Loss Account A/c
To Drawings A/c	750	750	By Balance b/d	10,000	2,000
To Interest on Drawings A/c	21.46	19.38	By net profit	3,020.42	3,020.42

To Balance c/d	12,248.96	4251.04
	13,020.42	5,020.42		13,020.42	5,020.42

Date	Amount (A)	Period Left after(B)	Product (C=A*B)

1-7-18	200	9	1,800
1-8-18	100	8	800
1-9-18	300	7	2,100
1-11-18	50	5	250
1-2-19	100	2	200
Sum of Product			5,150

Interest on Drawing	=	5150	X	5	X	1
Interest on Drawing	=	5150	X	100	X	12

Interest on Drawing	=	21.46/-

Date	Amount (A)	Period Left after(B)	Product (C=A*B)

1-6-18	100	10	1,000
1-7-18	100	9	900
1-9-18	50	7	350
1-10-18	200	6	1,200
1-12-19	300	4	1,200
Sum of Product			4,650

Question 42 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part - 1

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Interest on Drawing	=	4650	X	5	X	1
Interest on Drawing	=	4650	X	100	X	12

Interest on Drawing	=	19.38/-