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

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

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