Question 15 Chapter 2 of +2-Part-1
15. (Journal Entries) Pass Journal Entries in the following cases:
(a) Profit Rs.25,000 distributed between A and B IN 3:2 ratio.
(b) Partners A gets salary Rs.8,000 and B gets salary Rs.10,000.
(c) Interest on Capital payable to A and B Rs.2,000 and Rs.1,000 respectively.
(d) Transferred to General Reserve Rs.12,000
(e) Commission Rs.4,000 payable to B.
The solution of Question 15 Chapter 2 of +2 Part-1: –
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Profit and Loss Appropriation A/c | Dr. | 25,000 | ||
| To A’s Capital A/c (25,000 x 3/5) | 15,000 | ||||
| To B’s Capital A/c (25,000 x 2/5) | 10,000 | ||||
| (Being profit distributed among partners) | |||||
| b) | Partners’ Salary A/c | Dr. | 18,000 | ||
| To A’s Capital A/c | 8,000 | ||||
| To B’s Capital A/c | 10,000 | ||||
| (Being salary paid to A and B) | |||||
| c) | Interest on Capital A/c | Dr. | 3,000 | ||
| To A’s Capital A/c | 2,000 | ||||
| To B’s Capital A/c | 1,000 | ||||
| (Being interest on Capital allowed) | |||||
| d) | Profit and Loss Appropriation A/c | Dr. | 12,000 | ||
| To General Reserve A/c | 12,000 | ||||
| (Being general reserve created) | |||||
| e) | Commission A/c | Dr. | 4,000 | ||
| To B’s Capital A/c | 4,000 | ||||
| (Being commission payable to B) | |||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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