Question 27 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 27 Chapter 2 - Unimax Class 12 Part 1 - 2021

Question 27 Chapter 2 – Unimax Class 12 Part 1

27. Show how the following will be recorded in the capital and current accounts of Moon and Star.

  Moon (Rs.)  Star (Rs.)
Capital as on 1st April, 2021 75000 100000
Current A/c as on 1st April, 2021 5000(Cr.) 3000(Dr.)
Share of Profit 2000 1500
Drawings 10000 2500
Interest on Capital 7500 10000
Interest on Drawings 600 150
Salary 300 200

The solution of Question 27 Chapter 2 – Unimax Class 12 Part 1:

Partner’s Capital Accounts

Date Particulars Moon Star Date Particulars Moon Star
31-3-21 To Balance c/d 75000 100000 1-4-2020 By Balance b/d 75000  100000

  Partner’s Capital Accounts

Date Particulars Moon Star Date Particulars Moon Star
1-4-20 To Bal b/d   3000 1-4-2020 By Balance b/d 5000  
  To drawings 10000 2500   By Profit & Loss App. A/c (Profit) 2000 1500
  To Int. on drawings A/c 600 150   By int. on cap. 7500 10000
          By Salary A/c 300 200
31-3-21 To Bal c/d 4200 60500        
    14800 11700     14800 11700
          By Balance b/d 4200 6050

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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