Question 10 Chapter 2 of Class 12 Part – 1
10. On 1st April, 2017, three partners had the following amounts at the credit of their cap accounts-A Rs. 5,000, B Rs. 3,000 and C Rs. 2,000.
On 1st April, 2017, they had to the credit of their Current Accounts- A Rs. 750, B Rs. 500 and Rs. 400 Profits are divided in the proportion of capital up to 2,000. Above that amount A gets 25% , B 33% and C 40%.
A drew during the year 2017-18 Rs. 500, B drew Rs. 400 and C drew Rs. 300.
The profits for the year 2017-18 amounted to Rs. 3,000.
Show the necessary Account of the partnership on 31st March, 2018.
The solution of Question 10 Chapter 2 of Class 12 Part – 1: –
Profit and Loss Appreciation Account
| Particulars | Amount | Particulars | Amount | |
| To Profit transferred to Capital A/cs: | By Profit and Loss A/c | 3,000 | ||
| A(1,000+250) | 1,250 | |||
| B(600+350) | 950 | |||
| C(400+400) | 800 | 3,000 | ||
| 3,000 | 3,000 |
Partner’s Capital Account
| Particulars |
A Rs. |
B Rs. |
C Rs. | Particulars | A Rs. | B Rs. | C Rs. |
| To Balance c/d | 5,000 | 3,000 | 2,000 | By Balance b/d | 5,000 | 3,000 | 2,000 |
| 5,000 | 3,000 | 2,000 | 5,000 | 3,000 | 2,000 |
Partner’s Current Account
| Particulars |
A Rs. |
B Rs. |
C Rs. | Particulars | A Rs. | B Rs. | C Rs. |
| To Drawing A/c | 500 | 400 | 300 | By Balance b/d | 750 | 500 | 400 |
| To Balance c/d | 1,500 | 1,050 | 900 | By Profit and Loss A/c | 1,250 | 950 | 800 |
| 2,000 | 1,450 | 1,200 | 2,000 | 1,450 | 1,200 |
Working Notes:
| Distribution of Profit: | A | B | C |
| Upto Rs. 2,000 in capital ratio ( i.e., 5:3:2) | 1,000 | 600 | 400 |
| Rs. 1,000 in ratio (25:35:40) | 250 | 350 | 400 |
| 1,250 | 950 | 800 |
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Also, Check out the solved question of all Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
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)
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
Chapter No. 1 – Financial Statements of a Company
Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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