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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 VK Publication

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Question 11 Chapter 2 of Class 12 Part – 1

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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 
 
AmountParticulars 
 
Amount
To Interest on Capital A/c:  By Net Profit 1,50,000
Anshu1,500    
Deepu3,0004,500By Interest on Drawings  
To Partner’s Salary A/C  Anshu600 
Anshu12,000 Deepu4501,050
Deepu9,00021,000   
To Profit Transferred To Capital A/C’s     
Anshu94,162    
Deepu31,3881,25,500   
  1,51,050  1,51,050

Partner’s Capital Account

Particulars 

 Anshu Rs. 

Deepu Rs.Particulars Anshu Rs. Deepu Rs.
To Drawings Account20,00015,000By Balance b/d30,00015,000
To Interest on Drawings600450By Interest on Capital1,5003,000
To Balance c/d1,17,06242,938By Salaries A/c12,0009,000
   By P & L App. A/c94,16231,388

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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)

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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)

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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

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Chapter No. 5 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms 

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