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Question 03 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 03 Chapter 2 of +2- Part-
Q-3 - CH-2 - Usha +2 Book 2018 - Solution

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Question 03 Chapter 2 of +2-Part-1

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No Partnership Deed Exists

3. (Profit & Loss App. A/c / Partners’ Capital a/c’s) A and B started business in partnership on 1st Jan. 2018 and contributed Rs.1,00,000 and Rs. 80,000 respectively for capital. The terms of the partnership deed are as follows:
(i) Interest on capital @ 10% per annum;
(ii) Interest on drawings @12% per annum;
(iii) A to get a monthly salary of Rs.2,000 and B, a commission of Rs.10,000 p.a.
(iv) Profit and loss shall be shared in the ratio of their capitals.
The profit for the year was Rs. 1,30,030 before making the above adjustments. The drawings were Rs.20,000 and Rs.16,000 of A and B respectively.
Prepare Profit and Loss Appropriation Account and Partners’ Capital Accounts. The capital accounts are fluctuating.

The solution of Question 03 Chapter 2 of +2 Part-1: – 

Day 31 | Practical Problems No.3, 4, 13, 14, 15, & 17 | Partnership - I Accounts Class 12 | PSEB |

Profit and Loss Appropriation Account A/c for the year ended 31st Dec. 2018
Particulars
AmountParticulars
Amount
To Interest on capital –  By Profit b/d 1,30,030
A10,000 By interest on drawings:  
B8,00018,000-A (On 20,000 for 6 months)1,200 
To A’ s Salary (Rs.2,000*12) 24,000-B (On 16,000 for 6 months)9602,160
To B’s Commission 10,000   
To Net profit transferred to Capital a/cs    
-A (80,190 x 5/9)44,550    
-B (80,190 x 4/9)35,64080,190   
      
      
  1,32,190  1,32,190

working Note :-

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 A : B

1,00,000 : 80,000

5 : 4

Partners’ Capital Accounts
 
Particulars
ABParticulars
AB
To Drawings A/c 20,00016,000By Balance B/d 1,00,00080,000
To Interest on Drawings A/c 1,200960By Interest on Capital A/c 10,0008,000
    By Salary 24,000
    By Commission 10,000
To Balance c/d  1,57,3501,16,680By P&L Appropriation A/c 44,55035,640
        
        
  1,78,5501,33,640
  1,78,5501,33,640

 

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End of Solution

Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Introduction) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication

Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication

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