What is the main topic of "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1"?

This guide covers "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.

Who can benefit from this guide on "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1"?

It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.

Where can I practice questions related to "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1"?

You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1" instantly.

Question 51 Chapter 2 - USHA Publication 12 Class Part - 1

⚡

Quick Overview & Key Takeaways

Focus Topic:Question 51 Chapter 2 - USHA Publication 12 Class Part - 1

Estimated Reading Time:2 mins

Comprehensive academic guide covering core concepts of Question 51 Chapter 2 - USHA Publication 12 Class Part - 1.
Syllabus-aligned study material with detailed definitions, formats, and practical examples.
Interactive check: Includes a custom practice quiz at the bottom of the article to self-evaluate knowledge.

Question 51 Chapter 2 of +2- Part-1

51. (P/L appropriation a/c, Partners capital & current accounts) A and B are partners sharing profits and losses equally. On 1.4.2017 the balance of their capital accounts were A- Rs50,000; B Rs.40,000. On that date, the balances of their current accounts were; A- Rs. 10,000 (Cr.) and B Rs.3,000 (Dr.) Interest @5% p.a. is to be allowed on the balances of capital accounts as on 1.4.2017. B is to get an annual salary of Rs.3,000 which had not been withdrawn. Drawings of A and B during the year were Rs.1,000 and Rs.2,000 respectively. The profit of the year ended 31.3.2018 before charging interest on capital but after charging B’s salary was Rs.70,000. It is decided to transfer 10% of the divisible profit to a Reserve account.
Prepare profit and loss appropriation account for the year ended 31.3.2018 and show the capital and current accounts of partners for the year.

The solution of Question 51 Chapter 2 of +2- Part-1: -

?si=1-kGCQoCT33MpVk0

Particulars		Amount	Particulars	Amount
To Interest on capital – A	2,500		By Net profit	70,000
-B	2,000	4,500	By partners salary written back	3,000
To Salaries – B		3,000
To Reserve A/c – 10% of (73,000-4,500-3,000)		6,550

To Net profit transferred to Capital a/c
-A	29,475
-B	29,475	58,950
		73,000		73,000

Particulars	A	B	Particulars	A	B
To Balance b/d	-	-	By Balance B/d	50,000	40,000
To Balance c/d	50,000	40,000
	50,000	40,000		50,000	40,000

Particulars	A	B	Particulars	A	B
To balance b/d	-	3,000	By Balance B/d	10,000	-
To Drawings A/c	1,000	2,000	By Interest on Capital A/c	2,500	2,000
			By Salary	-	3,000
			By net profit	29,475	29,475
To Balance c/d	40,975	29,475
	41,975	34,475		41,975	34,475

Question 51 Chapter 2 - USHA Publication 12 Class Part - 1

Quick Overview & Key Takeaways

The solution of Question 51 Chapter 2 of +2- Part-1: -

Question 51 Chapter 2 of +2- Part-1

Sarbjit SinghB.Com and M.Com

❓ Frequently Asked Questions

What is the main topic of "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1"?

Who can benefit from this guide on "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1"?

Where can I practice questions related to "Question 51 Chapter 2 - USHA Publication 12 Class Part - 1"?

2 Comments

Shivam Goutam

Amanpreet Kaur

Add your comment

Next to Read

Question 26 Chapter 3 of USHA Publication 12 Class Part - 1

Question 25 Chapter 3 of USHA Publication 12 Class Part - 1

Question 24 Chapter 3 of USHA Publication 12 Class Part - 1