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Question 25 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 2 of +2- Part-
Q-25 - CH-2 - Usha +2 Book 2018 - Solution

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Question 25 Chapter 2 of +2-Part-1

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25. (Interest is a charge) P and Q are partners. They share profits in 2:1 ratio. As per the partnership, they are to get interested on capital @10% p.a. Their capitals were P- Rs.50,000; Q- Rs.30,000. Their profit before interest was Rs.10,100. Interest is allowed as a charge. What difference will it make if profits are Rs.7,100 only?

The solution of Question 25 Chapter 2 of +2 Part-1: – 

Day 35 | Question No.18 19 20 21 22 23 24 25 26 27 28 | Partnership - I Accounts Class 12 | PSEB |

Calculation of net profit
 Particulars
B
 a) If profits are Rs.10,100:  
 Profit before interest 10,100
 Less: Interest on Capital @ 10% – A (5,000)
 Interest on Capital @ 10% – B (3,000)
 Net Loss2,100

 

Calculation of distribution of profit
 Particulars
AB
 Net Profit of Rs.2,100 being distributed in 2:1 ratio 1,400700
    

 

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Calculation of net profit
 Particulars
B
 a) If profits are Rs7,100:  
 Profit before interest 7,100
 Less: Interest on Capital @ 10% – A (5,000)
 Interest on Capital @ 10% – B (3,000)
 Net Loss900

 

Calculation of distribution of profit
 Particulars
AB
 Net loss of Rs.900 being distributed in 2:1 ratio (600)(300)
    

Note: When interest is allowed as charge, it is irrespective of the quantum of profits and is shown in Profit and Loss a/c.

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

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