Advertisement

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

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

Advertisement

Question 12 Chapter 2 of Class 12 Part – 1

Advertisement

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  AmountParticulars  Amount
To Interest on Capital A/c:  By Net Profit 1,20,000
Reena18,000 By Interest on Drawings  
Raman6,00024,000Reena1,000 
To Raman’s Capital A/C 30,000Raman5001,500
To Profit Transferred To     
Reena Capital A/C33,750    
Raman Capital A/C33,75067,500   
  1,21,500  1,21,500

Partner’s Capital Account

Particulars 

 Reena Rs. 

Raman Rs.Particulars Reena Rs. Raman Rs.
To Drawings Account30,00020,000By Balance b/d3,00,0001,00,000
To Interest on Drawings1,000500By Interest on Capital18,0006,000
To Balance c/d3,20,7501,49,250By Salaries A/c30,000
   By P & L App. A/c33,75033,750
 3,51,7501,69,750 3,51,7501,69,750

Advertisement-X

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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)

Advertisement-X

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)

Advertisement-X

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

Advertisement-X

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 

Advertisement

Advertisement

error: Content is protected !!