# Question 15 Chapter 2 of Class 12 Part – 1 VK Publication

Question 15 Chapter 2 of Class 12 Part - 1 VK Publication

Question 15 Chapter 2 of Class 12 Part – 1

15. Arun, Varun and Karan are partners sharing profits and losses in the ratio of 1:1:3. Their capital accounts on 1st April, 2017 are Rs. 30,000, Rs. 24,000 and Rs. 6,000 respectively. The provisions of partnership deed provides that:
(i) 5% interest is to be allowed on capitals.
(ii) Karan gets Rs. 3,000 as annual salary.
(iii) Varun gets commission @ 10% after charging such commission.
(v) Drawings-Arun Rs. 9,000, Varun Rs. 7,500 and Karan Rs. 6,000.
The profits of the year ending on 31st March, 2018 was Rs. 25,800.
Prepare Profit and Loss Appropriation Account, showing above transactions in the allocation of profits among partners and partners’ capital accounts.

## The solution of Question 15 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

(For the year ended 31st March, 2018)

 Particulars Amount Particulars Amount To Interest On Capital A/C: By Profit And Loss A/C 25,800 Arun 1,500 Varun 1,200 Karan 300 3,000 To Karan’s Salary A/C 3,000 To Varun’s Commission A/C 1,800 To Profit Transferred To Capital A/C’s Arun 3,600 Varun 3,600 Karan 10,800 18,000 25,800 25,800

Partner’s Capital Account

 Particulars Arun Rs. Varun Rs. Karan Rs. Particulars Arun Rs. Varun Rs. Karan Rs. To Drawings A/c 9,000 7,500 6,000 By Balance b/d 30,000 24,000 24,000 To Balance c/d 26,100 23,100 14,100 By Interest on Capital 1,500 1,200 300 By Salaries A/c – – 3,000 By Commission A/c – 1,800 – By P & L App. A/c ( Profit) 3,600 3,600 10,800 35,100 30,600 20,100 35,100 30,600 20,100

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

Chapter No. 1 – Accounting Not for Profit Organisations

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)

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

Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 – Ratio Analysis