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

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 |

 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

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

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### 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)

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)

## 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