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Question 19 Chapter 2 of Class 12 Part – 1 VK Publication

Question 19 Chapter 2 of Class 12 Part - 1 VK Publication
Question 19 Chapter 2 of Class 12 Part - 1 VK Publication

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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 
 
AmountParticulars 
 
Amount
To Interest on Capital A/c:  By Profit b/d [ 50,000 – 5,000 ( Manager’s Commission)]45,000
X12,000   
Y9,60021,600  
To Y’s Salary A/C 6,000  
To Profit Transferred To Capital A/C’s    
X11,600   
Y5,80017,400  
  45,000 45,000

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Partner’s Capital Account

Particulars 

 X  Rs. 

Y Rs.Particulars X Rs. Y Rs.
To Balance c/d1,23,6001,01,400By Balance b/d1,00,00080,000
   By Interest on Capital12,0009,600
   To Salary A/C6,000
   By P & L App. A/c11,6005,800
 1,23,6001,01,400 1,23,6001,01,400

 

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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

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Chapter No. 2 – Partnership Accounts – I (Introduction)

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)

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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

Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

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Chapter No. 4 – Ratio Analysis

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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