Question 24 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 2 of +2- Part-

Question 24 Chapter 2 of +2-Part-1

24. (Interest as a charge) A and B have a capital of Rs.30,000 and Rs.40,000 respectively and they shared profit in capital ratio. As per agreement interest on capital as a charge even if it involves losses. The firm sustain a loss of Rs. 3,500 and the rate of interest is 10% p.a. Show distribution of Loss/Profit.

 

The solution of Question 24 Chapter 2 of +2 Part-1

: – 

Calculation of net profit
  Particulars
B
  Loss of firm   3,500
  Less: Interest on Capital @ 10% – A   (3,000)
  Interest on Capital @ 10% – B   (4,000)
  Net Loss (10,500)

 

Calculation of distribution of profit
  Particulars
A B
  Net Profit of Rs.10,500 being distributed in 2:1 ratio   (4500) (6,000)
       

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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 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 24 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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