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

Posted by By Shubham Sharma 4 Min Read July 12, 2024
Question 03 Chapter 2 of +2- Part-
Q-3 - CH-2 - Usha +2 Book 2018 - Solution

Question 03 Chapter 2 of +2-Part-1

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 |
Watch this video on YouTube.

Profit and Loss Appropriation Account A/c for the year ended 31st Dec. 2018
Particulars
 Amount Particulars
 Amount
To Interest on capital –     By Profit b/d   1,30,030
A 10,000   By interest on drawings:    
B 8,000 18,000 -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) 960 2,160
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) 35,640 80,190      
           
           
    1,32,190     1,32,190

working Note :-

 A : B

1,00,000 : 80,000

5 : 4

Partners’ Capital Accounts
  
Particulars
 A B Particulars
 A B
To Drawings A/c   20,000 16,000 By Balance B/d   1,00,000 80,000
To Interest on Drawings A/c   1,200 960 By Interest on Capital A/c   10,000 8,000
        By Salary   24,000 –
        By Commission   – 10,000
To Balance c/d   1,57,350 1,16,680 By P&L Appropriation A/c   44,550 35,640
               
               
    1,78,550 1,33,640
     1,78,550 1,33,640

 

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Question 01 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 02 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 04 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 05 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 06 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 09 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 10 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 11 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 13 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 16 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 20 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 22 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 23 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 26 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 27 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 29 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 30 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 35 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 36 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 37 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 38 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 39 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 40 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 41 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 42 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 45 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 46 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 47 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 48 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 49 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 50 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 52 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 53 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 54 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 55 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 56 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 57 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 58 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 59 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 60 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 61 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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)

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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)

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

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

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