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Question 49 Chapter 2 of Class 12 Part – 1 Usha Publication
49. (P/L appropriation a/c, Partners capital & current accounts)X and Y were partners in firm sharing profits in the ratio of 3:2.On 1.4.2016 their fixed capitals were Rs.3,00,000 and Rs.2,50,000 respectively. On 1.10.2016 they decided that their total capital (fixed) should be Rs.6,00,000 in their profit sharing ratio. Accordingly, they introduced extra capital or withdrew excess capital. The partnership deed provided for the following:
(a) Interest on capital to be allowed @12% p.a.
(b) Interest on drawings @18% p.a.
(c) A monthly salary of Rs.2,000 to X and a monthly salary of Rs.1,500 to Y. The drawings of X and Y during the year as follows:
| Year (2016-17) | X | Y |
| Sep-30 | 20,000 | 15,000 |
| Dec-31 | 20,000 | 25,000 |
During the year ended 31.3.2017, the firm earned a net profit of Rs.1,50,000. 10% of this profit was to be transferred to the general reserve. You are required to prepare:
1. Profit and Loss appropriation account
2. Partners’ Capital accounts
3. Partners current accounts.
We are providing a solution of Question 49 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 46 to 49 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 49 from the following video by using time stamps of the video.
Profit and Loss App. A/c
| Particulars |
Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To General Reserve | 15,000 | By net profit | 1,50,000 | ||
| To Interest on capital (WN1) – X | 39,600 | By Interest on drawings (WN2) – | |||
| -Y | 29,400 | 69000 | -X | 2,700 | |
| To Salaries – X(2,000*12) | 24,000 | -Y | 2,475 | 5,175 | |
| -Y (1,500*12) | 18,000 | 42,000 | |||
| To Net profit transferred to Capital a/cs | |||||
| -X(3/5) | 17,505 | ||||
| -Y(2/5) | 11,670 | 29,175 | |||
| 1,55,175 | 1,55,175 | ||||
Partners' Capital Account
| Particulars |
X | Y | Particulars |
X | Y | ||
|---|---|---|---|---|---|---|---|
| To cash a/c (withdrawn) (BF) | - | 10,000 | By Balance B/d | 3,00,000 | 2,50,000 | ||
| By cash a/c (introduced) (BF) | 60,000 | - | |||||
| To Balance c/d | 3,60,000 | 2,40,000 | |||||
| 3,60,000 | 2,50,000 | 3,60,000 | 2,50,000 | ||||
Partners' Current Account
| Particulars |
X | Y | Particulars |
X | Y | ||
|---|---|---|---|---|---|---|---|
| To Drawings A/c | 40,000 | 40,000 | By Interest on Capital A/c | 39,600 | 29,400 | ||
| To Interest on Drawings A/c | 2,700 | 2,475 | By Salary | 24,000 | 18,000 | ||
| By P&L Appropriation A/c | 17,505 | 11,670 | |||||
| To Balance c/d | 38,405 | 16,595 | |||||
| 81,105 | 59,070 | 81,105 | 59,070 | ||||
Working Note: -
1. Calculation of Interest on partners’ Capital @12%:
| X: | |
| On 3,00,000 for ½ year: | 18,000 |
| On 3,60,000 for ½ year: | 21,600 |
| 39,600 |
| Y: | |
| On 2,50,000 for ½ year: | 15,000 |
| On 2,40,000 for ½ year: | 14,400 |
| 29,400 |
2. Calculation of Interest on partners’ Drawings @18%:
| X: | |
| On 20,000 for ½ year (Oct-march): | 1,800 |
| On 20,000 for ¼ year (Jan – March): | 900 |
| 2,700 |
| Y: | |
| On 15,000 for ½ year (Oct-March): | 1350 |
| On 25,000 for ¼ year (Jan- March): | 1,125 |
| 2,475 |
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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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