Question 29 Chapter 3 – Unimax Class 12 Part 1 – 2021

Question 29 Chapter 3 - Unimax Class 12 Part 1 - 2021

Question 29 Chapter 3 – Unimax Class 12 Part 1

29.Amar and Akbar are two partners sharing profits and losses equally and their respective opening capitals are Rs. 60000 and Rs. 30000. Profits for the year are Rs. 25000 before charging interest on drawings. Interest at 6% per annum is to be charged on drawings which were as follows :
Amar = Rs. 600 per month in the beginning of each month.
Akbar = Rs. 600 per month at the end of each month.
Assuming that Capitals are fluctuating, prepare Profit and Loss Appropriation Account and partners’ capital accounts.

The solution of Question 29 Chapter 3 – Unimax Class 12 Part 1:

Profit & Loss of Appropriation A/c For the year ended 

Particulars   Rs. Particulars   Rs.
To share of profit     By Net Profit   25000
– Amar 12716   By int. on drawings A/c    
– Akbar 12716 25432 – Amar 234  
      – Akbar 198 432
    25432     25432

Calculation of Interest and drawings :-
Amar= 7200 x 6/100 x 6.5/12 = Rs. 234
Akbar= 7200 x 6/100 x 5.5/12 = Rs. 198

 

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

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

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