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Question 15 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 2 of +2- Part-
Q-15 - CH-2 - Usha +2 Book 2018 - Solution

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Question 15 Chapter 2 of +2-Part-1

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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: –

Day 31 | Practical Problems No.3, 4, 13, 14, 15, & 17 | Partnership - I Accounts Class 12 | PSEB |

Journal
DateParticulars
L.F.DebitCredit
      
a)Profit and Loss Appropriation A/cDr. 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/cDr. 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/cDr. 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/cDr. 12,000 
 To General Reserve A/c  12,000
 (Being general reserve created)   
     
e)Commission A/cDr. 4,000 
 To B’s Capital A/c  4,000
 (Being commission payable to B)   
     

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

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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