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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 VK Publication

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Question 15 Chapter 2 of Class 12 Part – 1

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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 
 
AmountParticulars 
 
Amount
To Interest On Capital A/C:  By Profit And Loss A/C25,800
Arun1,500   
Varun1,200   
Karan3003,000  
To Karan’s Salary A/C 3,000  
To Varun’s Commission A/C 1,800  
To Profit Transferred To Capital A/C’s    
Arun3,600   
Varun3,600   
Karan10,80018,000  
  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/c9,0007,5006,000By Balance b/d30,00024,00024,000
To Balance c/d26,10023,10014,100By Interest on Capital1,5001,200300
    By Salaries A/c3,000
    By Commission A/c1,800
    By P & L App. A/c ( Profit)3,6003,60010,800
 35,10030,60020,100 35,10030,60020,100

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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

Chapter No. 2 – Partnership Accounts – I (Introduction)

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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)

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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

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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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