# 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

What is Partnership – Meaning and its Types

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