Question 13 Chapter 2 of Class 12 Part - 1 VK Publication

Question 13 Chapter 2 of Class 12 Part – 1

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The solution of Question 13 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

13. Prepare capital accounts of the partners M and K from the following information, assuming that their capitals are fluctuating:

Particulars	M	K
Capital on 1st April, 2016	Rs. 50,000	Rs. 35,000
Drawings during 2016-17	Rs. 200 in the beginning of every month.	Rs. 100 at the end of every month.
Interest on Capital	@6% p.a	@6% p.a.
Interest on Drawings	@6% p.a	@6% p.a.
Share Profit of 2016-17	Rs. 7,000	Rs. 75,000
Patner’s Salary	–	Rs. 1,800
Partner’s Commission	Rs. 1,000	–

The solution of Question 13 Chapter 2 of Class 12 Part – 1: –

Partner’s Capital Account

Particulars	M Rs.	K Rs.	Particulars	M Rs.	K Rs.
To Drawings Account	2,400	1,200	By Balance b/d	50,000	35,000
To Interest on Drawings	78	33	By Interest on Capital	3,000	2,100
To Balance c/d	58,522	42,667	By Salaries A/c	–	1,800
			By Commission A/c	1,000	–
			By Share in Profit	7,000	5,000
	61,000	43,900		61,000	43,900

Working Notes:
(i) Interest on M’s Drawings = Total Drawings × Rate/100×65/12
= 2,400 ×6/100×65/12 = Rs. 78
(ii) Interest on K’s Drawing = Total Drawings × Rate/100×55/12
= Total Drawings×6/100×55/12 = Rs. 33

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