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

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

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 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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Also, Check out the solved question of previous Chapters: –

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