Question 31 Chapter 2 – Unimax Class 12 Part 1
31. Kanu and Shruti are partners sharing profits in the ration of 3 : 2. Their opening Capitals are Rs. 75000 and Rs. 50000 respectively. Interest on Capital is agreed @ 8% per annum. Shruti is to be allowed an annual Salary of Rs. 6000. During 2021 the profits of firm prior to Calculation of interest on capital and before charging Shruti’s salary amounted to Rs. 22000. A provision of 5% of given profits is to be made in respect of manager’s commission.
You are required to make Profit and Loss Appropriation Account and Partners’ Capital Accounts.
The solution of Question 31 Chapter 2 – Unimax Class 12 Part 1:
Profit & Loss of Appropriation A/c For the year ended .
Particulars | Rs. | Particulars | Rs. | ||||||
To Interest on Capital | By Net Profit | 22000 | |||||||
– Kanu | 6000 | ||||||||
– Sharuti | 4000 | 10000 | |||||||
To Sharuti’s Salary A/c | 6000 | ||||||||
To Manager’s Commission A/c | 1100 | ||||||||
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To Profit transferred to capital A/cs | |||||||||
– Kanu (3/5) | 2940 | ||||||||
– Sharuti (2/5) | 1960 | 4900 | |||||||
22000 | 22000 |
Capital Accounts
Particulars | Kanu | Sharuti | Particulars | Kanu | Sharuti |
To Balance c/d | 83940 | 61960 | By Balance b/d | 75000 | 50000 |
By Interest on capital A/c | 6000 | 4000 | |||
By Salary A/c | – | 6000 | |||
By Profit & Loss Appropriation A/c (Profit) | 2940 | 1960 | |||
83940 | 61960 | 83940 | 61960 |
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)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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