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

Q-17 - CH-2 - Usha +2 Book 2018 - Solution

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 Accountfor 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 a/c 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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