Question 26 Chapter 2 of Class 12 Part – 1
26. A and Bare partners sharing profits and losses in the ratio of 2:3 with capital contributions of Rs. 4,00,000 and Rs. 6,00,000 respectively. Firm is working in the premises owned by B. Monthly rent of Rs. 20,000 is fixed for the premises. Show the distribution of profit or loss for the year ending on 31st March, 2018 in the following cases:
(a) If yearly profits before charging rent of premises are Rs. 4,00,000.
(b) If yearly profits before charging rent of premises are Rs. 2,00,000.
(c) 11 yearly loss before charging rent of premises is Rs. 1,20,000.
The solution of Question 26 Chapter 2 of Class 12 Part – 1: –
Case a:
Profit and Loss Account
For the year ended 31st March,2018
| Particulars |
Amount | Particulars |
Amount |
| To Rent Of B’s Premises A/C ( 20,000 x 12) | 2,40,000 | By Profit b/d | 4,00,000 |
| To Profit and Loss Appropriation A/c | 1,60,000 | ||
| 4,00,000 | 4,00,000 |
Profit and Loss Appreciation Account
For the year ended 31st March, 2018
| Particulars |
Amount | Particulars |
Amount | |
| To Profit Transferred To Capital A/C’s | By Profit and Loss A/c | 1,60,000 | ||
| A | 64,000 | |||
| B | 96,000 | 1,60,000 | ||
| 1,60,000 | 1,60,000 |
Case b:
Profit and Loss Account
For the year ended 31st March, 2018
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| Particulars |
Amount | Particulars |
Amount | |
| To Rent Of B’s Premises A/C ( 20,000 x 12) | 2,40,000 | By Profit b/d | 2,00,000 | |
| By loss Transferred to Partner’s Capital A/cs: | ||||
| A | 16,000 | |||
| B | 24,000 | 40,000 | ||
| 2,40,000 | 2,40,000 |
Case c:
Profit and Loss Account
For the year ended 31st March, 2018
| Particulars |
Amount | Particulars |
Amount | |
| To Loss b/d | 1,20,000 | By loss Transferred to Partner’s Capital A/cs: | ||
| To Rent Of Premises A/C | 2,40,000 | A | 1,44,000 | |
| B | 2,16,000 | 3,60,000 | ||
| 3,60,000 | 3,60,000 |
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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)
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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)
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
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