Question 45 Chapter 2 of Class 12 Part – 1 Usha Publication

Question 45 Chapter 2 of Class 12 Part – 1 Usha Publication

45. (Profit and loss appropriation a/c) A and B are partners sharing profits in the ratio of 3:2 with capital of Rs.25,000 and Rs.15,000 respectively. Interest on capital is allowed @6% p.a. B is allowed salary of Rs.1250 per annum. During 2018, the profits of the firm prior to calculation of interest on capital but after charging B’s salary amounted to Rs.6.250. A provision of 5% of the profits is to be maintained in respect of managers’ commission. Prepare Profit and Loss Appropriation Account.

The solution of Question 45 Chapter 2 of Class 12 Part – 1 Usha Publication: -

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Profit and Loss App. A/c

Particulars		Amount	Particulars		Amount
To Interest on capital - A	1,500		By net profit (6250+1250)		7,500
-B	900	2400
To B’s Salary		1,250
To Manager’s Commission (5% on 7500)		375
To Net profit transferred to Capital a/cs
- A	2,085
- B	1,390	3,475
		7,500			7,500