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Question 19 Chapter 2 of Class 12 Part – 1
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19. X and Y are partners with capitals of Rs. 1,00,000 and Rs. 80,000 respectively and their profit sharing ratio is 2:1. Interest on capital is agreed @ 12% p.a. Y is to be allowed an annual salary of Rs. 6,000. The profits of the year ended on 31st March, 2018 amounted to Rs. 50,000. Manager is entitled to a commission of 10% of the profits.
Prepare Profit and Loss Appropriation Account and Capital Accounts of Partners.
The solution of Question 19 Chapter 2 of Class 12 Part – 1: –
Profit and Loss Appreciation Account
(For the year ended 31st March, 2018)
Particulars |
Amount | Particulars |
Amount | |
To Interest on Capital A/c: | By Profit b/d [ 50,000 – 5,000 ( Manager’s Commission)] | 45,000 | ||
X | 12,000 | |||
Y | 9,600 | 21,600 | ||
To Y’s Salary A/C | 6,000 | |||
To Profit Transferred To Capital A/C’s | ||||
X | 11,600 | |||
Y | 5,800 | 17,400 | ||
45,000 | 45,000 |
Partner’s Capital Account
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Particulars |
X Rs. |
Y Rs. | Particulars | X Rs. | Y Rs. |
To Balance c/d | 1,23,600 | 1,01,400 | By Balance b/d | 1,00,000 | 80,000 |
By Interest on Capital | 12,000 | 9,600 | |||
To Salary A/C | – | 6,000 | |||
By P & L App. A/c | 11,600 | 5,800 | |||
1,23,600 | 1,01,400 | 1,23,600 | 1,01,400 |
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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
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