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Question 24 Chapter 2 of Class 12 Part – 1 VK Publication

Question 24 Chapter 2 of Class 12 Part - 1 VK Publication
Question 24 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 24 Chapter 2 of Class 12 Part – 1

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24. Ahts and Behl entered into partnership on 1st April, 2017 without any partnership deed. They introduced capitals of Rs. 9,00,000 and Rs. 5,40,000 respectively. On 31st October 2018. Ahts advanced Rs. 3,60,000 by way of loan to the firm without any agreement as to Interest.
The Profit and Loss Account for the year ended 31.3.2018 showed a profit of Rs. 7,74,000 but the partners could not agree upon the amount of interest on loan to be charged and basis of division of profits. Pass a journal entry for the distribution of the profit between partners and prepare the Capital Accounts of both the partners and Loan Account of ‘Ahts’.

The solution of Question 24 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

Particulars 
 
AmountParticulars 
 
Amount
To Ahts’s on Capital A/c:3,82,500 By Net Profit ( 7,74,000 after interest on loan – 9,000)7,65,000
To Behls’s on Capital A/c:3,82,5007,65,000  
  7,65,000 7,65,000

Partner Capital Account

Particulars 
 
Ahts’s Rs.Behls’s Rs.Particulars 
 
Ahts’s Rs.Behls’s Rs.
(31-3-18) To Balance c/d12,82,5009,22,500(1-4-17) By Bank A/c9,00,0005,70,000
   (31-3-18) By P & L App. A/c3,82,5003,82,500
 12,82,5009,22,500 12,82,5009,22,500

Journal Entry

Date
 
Particulars L . FDr. ₹Cr. ₹
 Profit and Loss Appropriation A/cDr. 7,65,000 
 To Ahts’s Current A/c   3,82,500
 To Behl’s Current A/c   3,82,500
 (Being profit distributed among the partners)    

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Ahts’s Capital Account

Particulars 
 
Behls’s Rs.Particulars 
 
Behls’s Rs.
(31-3-18) To Balance c/d3,69,000(31-10-17) By Bank A/c3,60,000
  (31-03-18) By Interest on Loan A/c9,000
 3,69,000 3,69,000

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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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