Question 12 Chapter 2 of Class 12 Part – 1
12. Reena and Raman are partners with capitals of Rs. 3,00,000 and Rs. 1,00,000 respectively. The pfit (as per Profit and Loss Account) for the year ended 31st March, 2018 was Rs. 1,20,000. Interest on capital is to be allowed at 6% p.a. Raman was entitled to a salary of Rs. 30,000 p.a. The drawings of partners were Rs. 30,000 and Rs. 20,000. The interest on drawings to be charged to Reena was Rs. 1,000 and to Raman, Rs. 500. Assuming that Reena and Raman are equal partners. State their share of profit after necessary appropriations and capital account of both partners.
The solution of Question 12 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 | 1,20,000 | |||
Reena | 18,000 | By Interest on Drawings | |||
Raman | 6,000 | 24,000 | Reena | 1,000 | |
To Raman’s Capital A/C | 30,000 | Raman | 500 | 1,500 | |
To Profit Transferred To | |||||
Reena Capital A/C | 33,750 | ||||
Raman Capital A/C | 33,750 | 67,500 | |||
1,21,500 | 1,21,500 |
Partner’s Capital Account
Particulars |
Reena Rs. |
Raman Rs. | Particulars | Reena Rs. | Raman Rs. |
To Drawings Account | 30,000 | 20,000 | By Balance b/d | 3,00,000 | 1,00,000 |
To Interest on Drawings | 1,000 | 500 | By Interest on Capital | 18,000 | 6,000 |
To Balance c/d | 3,20,750 | 1,49,250 | By Salaries A/c | – | 30,000 |
By P & L App. A/c | 33,750 | 33,750 | |||
3,51,750 | 1,69,750 | 3,51,750 | 1,69,750 |
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
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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
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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
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