Question 25 Chapter 2 – Unimax Class 12 Part 1
Table of Contents
25. X and Y started business on 1st January, 2021 with capitals of Rs. 60000 and Rs. 30000 respectively. They decided to share profits in the capital ratio. You are given the following details.
| Year 2021 | Capital Introduced | Capital Introduced | ||
| X (Rs.) | Y (Rs.) | X (Rs.) | Y (Rs.) | |
| 30th April | – | 7500 | 15000 | – |
| 30th June | 15000 | 5000 | – | 5000 |
| 1st September | – | 9000 | 2500 | – |
| 30th September | – | 12000 | – | – |
| 1st November | 5000 | – | – | 1000 |
The profit for the year 2021 amounted to Rs. 75000. Show the distribution of profit.
The solution of Question 25 Chapter 2 – Unimax Class 12 Part 1:
| X’s Capital | Months for which capital has been used | Product (Rs.) |
X’s Capital | Months for which capital has been used | Product (Rs.) |
| 60000 | 4 | 240000 | 30000 | 4 | 4120000 |
| 45000 | 2 | 90000 | 37500 | 2 | 75000 |
| 60000 | 2 | 120000 | 32500 | 2 | 65000 |
| 57500 | 2 | 115000 | 41500 | 1 | 41500 |
| 62500 | 2 | 125000 | 53500 | 1 | 53500 |
| 52500 | 2 | 105000 | |||
| Total | 690000 | 460000 |
Capital Ratio = 690000 : 460000
= 3 : 2
Profit & Loss Appropriation Account For the year ending Dec. 31, 2021.
| Particulars | Rs. | Particulars | Rs. | |
| To Profit transferred to Capital A/c | By Net Profit | 75000 | ||
| – X (3/5) | 45000 | |||
| – Y (2/5) | 30000 | 75000 | ||
| 75000 | 75000 |
https://tutorstips.com/not-for-profit-organisations/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication