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

Question 15 Chapter 2 of +2- Part-

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

: – 

In the Books of Sudhir
Date Particulars
L.F. Debit Credit
           
a) Profit and Loss Appropriation A/c Dr.   25,000  
  To A’s Capital A/c       15,000
  To B’s Capital A/c       10,000
  (Being profit distributed)      
         
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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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

 

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2 Book 1 min - Question 15 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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