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

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

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Question 13 Chapter 2 of Class 12 Part – 1

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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

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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

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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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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

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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)

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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

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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