Question 17 Chapter 2 of +2-Part-1
Table of Contents
17. (Fixed Capital a/c’s) Prepare Current accounts of partner X and Y for the year ended 31st December 2018 from the following information :
X | Y | |
Balance of capital account on 1st Jan 2018 | 3,00,000 | 2,00,000 |
Balance of current accounts on 1st Jan 2018 | 16,640(Cr.) | 4,800(Dr.) |
Drawings of the partners | 2,000 p.m. | 1,000 p.m. |
Interest on Capitals @12% p.a. | ? | ? |
Interest on Drawings @ 12% p.a. | 1,560 | 660 |
Salary of partners | 9,000 | 6,000 |
Share in a net loss | 12,000 | 8,000 |
The solution of Question 17 Chapter 2 of +2 Part-1: –
Partners’ Current Account for the year ending 31st December 2018 |
|||||||
Particulars |
X | Y | Particulars |
X | Y | ||
To balance b/d | – | 4,800 | By Balance B/d | 16,640 | – | ||
To Drawings A/c | 24,000 | 12,000 | By Interest on Capital A/c | 36,000 | 24,000 | ||
To Interest on Drawings A/c | 1,560 | 660 | By Salary | 9,000 | 6,000 | ||
To share in losses | 12,000 | 8,000 | |||||
To Balance c/d | 24,080 | 4,540 | |||||
61,640 | 30,000 |
61,640 | 30,000 |
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Also, Check out the solved question of previous 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)
- 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
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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