Advertisement

Question 26 Chapter 2 of Class 12 Part – 1 VK Publication

Question 26 Chapter 2 of Class 12 Part - 1 VK Publication
Question 26 Chapter 2 of Class 12 Part - 1 VK Publication

Advertisement

Question 26 Chapter 2 of Class 12 Part – 1

Advertisement

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

Advertisement-X

For the year ended 31st March,2018

Particulars 
 
AmountParticulars 
 
Amount
To Rent Of B’s Premises A/C ( 20,000 x 12)2,40,000By Profit b/d4,00,000
To Profit and Loss Appropriation A/c1,60,000  
 4,00,000 4,00,000

Profit and Loss Appreciation Account

For the year ended 31st March, 2018

Particulars 
 
 AmountParticulars 
 
Amount
To Profit Transferred To Capital A/C’s  By Profit and Loss A/c1,60,000
A64,000   
B96,0001,60,000  
  1,60,000 1,60,000

Case b:

Profit and Loss Account

For the year ended 31st March, 2018

Particulars 
 
AmountParticulars 
 
 Amount
To Rent Of B’s Premises A/C ( 20,000 x 12)2,40,000By Profit b/d 2,00,000
  By loss Transferred to Partner’s Capital A/cs:  
  A16,000 
  B24,00040,000
 2,40,000  2,40,000

Advertisement-X

Case c:

Profit and Loss Account

For the year ended 31st March, 2018

Particulars 
 
AmountParticulars 
 
 Amount
To Loss b/d1,20,000By loss Transferred to Partner’s Capital A/cs:  
To Rent Of Premises A/C2,40,000A1,44,000 
  B2,16,0003,60,000
 3,60,000  3,60,000

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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

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

Advertisement-X

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)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Advertisement-X

Advertisement-Y

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

Advertisement-X

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 

Advertisement

Advertisement

error: Content is protected !!