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Question 22 Chapter 2 of Class 12 Part – 1 VK Publication

Question 22 Chapter 2 of Class 12 Part - 1 VK Publication
Question 22 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 22 Chapter 2 of Class 12 Part – 1

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22. Salim and Javed are partners from 1st April, 2017 with capitals of Rs. 40,000 and Rs. 55,000 ( 1st October, 2017; Salim advances 10,000 by way of loan to the firm without any agreement as to interest. They earned a net profit of Rs. 9,600 prior to interest on capital @ 6% p.a. and on loan. Show the Profit and Loss Appropriation Account charging interest on capital and loan for the year ending 31st March, 2018.

The solution of Question 22 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
[ 9,600 – 300 ( Interest on Salim’s Loan)]
9,300
Salim2,400   
Javed2,1004,500  
To Profit Transferred To Capital A/C’s    
Salim2,400   
Javed2,4004,800  
  9,300 9,300

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Note: Interest on Salim’s Loan has been charged for 6 Months

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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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