# 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

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

 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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## 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)

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