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Question 17 Chapter 2 of Class 12 Part – 1 VK Publication

Question 17 Chapter 2 of Class 12 Part - 1 VK Publication
Question 17 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 17 Chapter 2 of Class 12 Part – 1

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17. M , N and O are partners in a firm with fixed capitals of Rs.25,000, Rs. 35,000 and Rs. 45,000 respectively. The partnership deed provided for the following:
(a) Interest on capital @5% pa.
(b) Interest on drawings @6% p.a.
(c) Each partner withdrew Rs. 8,000 on October 1, 2017.
(d) Rs. 45,000 is to be transferred to a Reserve Account.
(e) Profit-sharing ratio is 2:2:1.
Net profit of the firm before above adjustments for the year ended 31st March, 2018 is Rs. 89,000.
Prepare Profit and Loss Appropriation Account for the year ending on 31st March, 2018.

The solution of Question 17 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/C 80,900
M1,250 By Interest on Drawing A/C’s  
N1,750 M240 
O2,2505,250N240 
To Reserve A/C 45,000O240720
To Profit Transferred To Capital A/C’s     
M12,548    
N12,548    
O6,27431,370   
  81,620  81,620

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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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