Question 10 Chapter 2 of Class 12 Part - 1 VK Publication

Question 10 Chapter 2 of Class 12 Part – 1

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The solution of Question 10 Chapter 2 of Class 12 Part – 1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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