Question 57 Chapter 2 of Class 12 Part – 1 Usha Publication

Question 57 Chapter 2 of Class 12 Part – 1 Usha Publication

57. (Profit and loss appropriation a/c, capital account & current accounts) From the following information, prepare:
1. The profit and loss appropriation account of P,Q and R for the year ended 31.12.15.
2.The capital and current accounts of P,Q and R are:

Partners	Capital(1.1.15)	Current (1.1.2015)	Drawings (31.12.15)
P	6,000	2,000 (Cr.)	4,000
Q	10,000	1,000 (Cr.)	4,800
R	16,000	1,000 (Cr.)	4,800

1. Interest is credited @ 6% p.a. on capital and is charged on drawings at the same rate. Interest is neither credited nor charged on the balance of current accounts.
2. Each partner took at the end of each quarter % of his drawings.
3. P and Q were to be credited with salaries of Rs.2,400 and Rs.1,600 p.a. respectively.
4. On 1.7.2015, P paid in additional Rs.2,000 as capital and R withdrew Rs.2,000 from the capital.
5. The net profit before charging interest on capital and partners’ salaries and before interest on drawings had been credited was Rs.19,600.
6. Profit and loss shared among P, Q and R were 5:4:3 respectively.

The solution of Question 57 Chapter 2 of Class 12 Part – 1 Usha Publication

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Profit and Loss A/c

Particulars		Amount	Particulars		Amount
To Interest on capital - P	420		By net profit		19,600
-Q	600		By interest on drawings:
-R	900	1,920	- P	90
To Salary- P	2,400		- Q	108
- Q	1,600	4,000	- R	108	306
To Net profit transferred to Capital a/cs
-P	5,828
-Q	4,662
-R	3,496	13,986
		19,906			19,906

 

Partners' Capital A/c

Particulars		P	Q	R	Particulars		P	Q	R
To bank a/c		-	-	2,000	By Balance B/d		6,000	10,000	16,000
To Balance c/d		8,000	10,000	14,000
		8,000	10,000	16,000			8,000	10,000	16,000

Partners' Current Account

Particulars		P	Q	R	Particulars		P	Q	R
To Drawings A/c		1,000	1,200	1,200	By Interest on Capital A/c		2,000	1,000	1,000
To Drawings A/c		1,000	1,200	1,200	By Interest on Capital A/c		420	600	900
To Drawings A/c		1,000	1,200	1,200	By salary		2,400	1,600	-
To Drawings A/c		1,000	1,200	1,200	By net profit		5,828	4,662	3,496
To int. on Drawings A/c		90	108	108
To Balance c/d		6,558	2,954	488
		10,648	7,862	5,396			10,648	7,862	5,396

Working Note: -

1. Interest on capital:

Interest on capital for	=	6% on 6,000 + 6% on 2,000 for 6 months.
	=	360+ 60 = Rs.420
Interest on capital for R	=	6% on 16,000 for 6 months + 6% on 14,000 for 6 months
	=	480+ 420 = Rs900

2. Interest on drawings:

Interest on drawings for P	=	6% on 1,000 for 9 months + 6% on 1,000 for 6 months + 6% on 1,000 for 3 months
	=	45+ 30 +15 = Rs.90
Interest on drawings for Q and R	=	6% on 1,200 for 9 months + 6% on 1,200 for 6 months + 6% on 1,200 for 3 months
	=	54+ 36 +18 = Rs.108 each

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