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Question 51 Chapter 2 of Class 12 Part – 1 Usha Publication
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 B is to get an annual salary of Rs.3,000 which had not been withdrawn.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.
We are providing a solution of Question 51 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 50 to 54 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 51 from the following video by using time stamps of the video.
Profit and Loss Account A/c
| 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 | ||||
Partners' Capital Accounts
| 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 | ||||
Partners' Current Accounts
| 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 | ||||
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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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