Question 17 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 2 of +2- Part-

Question 17 Chapter 2 of +2-Part-1

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
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 17 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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