# Question 11 Chapter 2 of Class 12 Part – 1 VK Publication

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

Question 11 Chapter 2 of Class 12 Part – 1

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

 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

Note: Interest on Drawings has been charged for an average period of six months.

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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