Question 11 Chapter 2 of Class 12 Part - 1 VK Publication

Question 11 Chapter 2 of Class 12 Part – 1

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The solution of Question 11 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

11. Anshu and Deepa are partners in a firm, sharing profits and losses in the ratio of 3:1 The Profit and Loss Account of the firm for the year ending March 31, 2017 shows a net profit of Rs. 1,50,000 Prepare the Profit and Loss Appropriation Accomt by taking into consideration the following information:
(i) Partners capital on 1st April, 2016. Anshu- Rs. 30,000, Deepu – Rs. 60,000.
(ii) Current account balances on 1st April, 2016: Anshu- Rs. 30,000 (Cr) Deepu- Rs. 15,000 (Cr)
(iii) Partners drawings during the year amounted to. Anshu- Rs. 20,000, Deepu- Rs. 15,000
(iv) Intrest on capital was allowed @5% p.a.
(v) Interest on drawings was to be charged 6% pa. v Parmers salaries Anshu- Rs. 12,000; Deepu- Rs. 9,000. Also show the Partners Current Accounts.

The solution of Question 11 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

(For the year ended 31st March, 2017)

Particulars		Amount	Particulars		Amount
To Interest on Capital A/c:			By Net Profit		1,50,000
Anshu	1,500
Deepu	3,000	4,500	By Interest on Drawings
To Partner’s Salary A/C			Anshu	600
Anshu	12,000		Deepu	450	1,050
Deepu	9,000	21,000
To Profit Transferred To Capital A/C’s
Anshu	94,162
Deepu	31,388	1,25,500
		1,51,050			1,51,050

Partner’s Capital Account

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Particulars	Anshu Rs.	Deepu Rs.	Particulars	Anshu Rs.	Deepu Rs.
To Drawings Account	20,000	15,000	By Balance b/d	30,000	15,000
To Interest on Drawings	600	450	By Interest on Capital	1,500	3,000
To Balance c/d	1,17,062	42,938	By Salaries A/c	12,000	9,000
			By P & L App. A/c	94,162	31,388