Question 26 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 26 Chapter 2 - Unimax Class 12 Part 1 - 2021

Question 26 Chapter 2 – Unimax Class 12 Part 1

26. Show how the following will be recorded in the capital accounts of partners Ram and Sham when their capitals are fluctuating.

  Ram (Rs.) Sham (Rs.)
Capital as on 1st April, 2021 600000 400000
Drawings 200000 80000
Interest on Capital 8% 8%
Interest on Drawings 6000 2400
Share of Profit 75000 50000
Salary 24000 18000
Commission 7500 6000

The solution of Question 26 Chapter 2 – Unimax Class 12 Part 1: 

Partner’s Capital Accounts

Particulars Ram Sham
Particulars Ram
Sham
To drawings 200000 80000 By Balance b/d 600000 400000
To Interest on drawings A/c 6000 2400 By Profit & Loss Appropriation (Profit) 75000 50000
To Bal c/d 548500 423600 By Salary A/c 24000 18000
      By Commission 7500 6000
      By Int. on Capital A/c 48000 32000
  754500 506000   754500 506000

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)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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