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Question 25 Chapter 2 of Class 12 Part – 1 VK Publication

Question 25 Chapter 2 of Class 12 Part - 1 VK Publication
Question 25 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 25 Chapter 2 of Class 12 Part – 1

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25. Mina and Tina are partners sharing profits and losses in the ratio of 4:1 with capital contribution of Rs. 50,000 and Rs.75,000 respectively. The partnership firm is working in the premises owned by Tina.
Monthly rent of Rs. 8,000 is fixed for the premises.
Show the distribution of profits/losses for the year ending on 31st March, 2018 in the following cases:
(a) If the profits for the year before charging rent of premises are Rs. 1,32,000.
(b) If the profits for the year before charging rent of premises are Rs. 64,000
(c) If the loss for the year before charging rent of premises are Rs. 40,000.

The solution of Question 25 Chapter 2 of Class 12 Part – 1: –

Case a:

Profit and Loss Account

Particulars 
 
AmountParticulars 
 
Amount
To Rent Of Premises A/C ( 8,000 x 12)96,000By Profit b/d1,32,000
To Profit and Loss Appropriation A/c36,000  
 1,32,000 1,32,000

Profit and Loss Appreciation Account

Particulars 
 
 AmountParticulars 
 
Amount
To Profit Transferred To Capital A/C’s  By Profit and Loss A/c36,000
Mina28,800   
Tina7,20036,000  
  36,000 36,000

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Case b:

Profit and Loss Account

Particulars 
 
AmountParticulars 
 
 Amount
To Rent Of Premises A/C ( 8,000 x 12)96,000By Profit b/d 64,000
  By loss Transferred to Partner’s Capital A/cs:  
  Mina25,600 
  Tina6,40032,000
 96,000  96,000

Case c:

Profit and Loss Account

Particulars 
 
AmountParticulars 
 
 Amount
To Loss b/d40,000By loss Transferred to Partner’s Capital A/cs:  
To Rent Of Premises A/C96,000Mina1,08,800 
  Tina27,2001,36,000
 1,36,000  1,36,000

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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)

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)

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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)

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

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Chapter No. 2 – Financial Statement Analysis

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

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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