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Question 33 Chapter 2 of +2-Part-1
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33. (Profit & Loss App. A/c / Current a/c/ Interest on Drawings) A B and C are partners with fixed capitals of Rs.30,000. Rs.20,000 and Rs.10,000 respectively. They share profit and losses n the ratio of 3:2:1. Interest on Drawings is to be charged at the rate of 10% p.a. The capitals are also to be allowed interest @9% p.a.
The balance of current accounts on 1st Jan 2019 was A-Rs.16,000(Cr.), B- Rs.12,000(Cr.) and C-Rs.800(Dr.) Their drawings during the year were A-Rs.1200; B-Rs.1,000 and C- Rs.800. The profit of the year was Rs.17,130 before adjustment for interest as above.
Show the distribution of profit and draw up the capital and current accounts of the partners.
The solution of Question 33 Chapter 2 of +2 Part-1: –
| Profit and Loss Appropriation Account A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Interest on capital – | By Profit & Loss A/c | 17,130 | |||
| A | 2,700 | By interest on drawings: | |||
| B | 1,800 | A | 108 | ||
| C | 900 | 5,400 | B | 90 | |
| C | 72 | 270 | |||
| To Net profit transferred to Current a/cs | |||||
| -A (1/2) | 6,000 | ||||
| -B (1/3) | 4,000 | ||||
| -C (1/6) | 2,000 | 12,000 | |||
| 17,400 | 17,400 | ||||
| Partners’ Current Accounts | |||||||||
| Particulars | A | B | C | Particulars | A | B | C | ||
| To balance b/d | – | – | 800 | By Balance B/d | 16,000 | 12,000 | – | ||
| To Drawings A/c | 1,200 | 1,000 | 800 | By Interest on Capital A/c | 2,700 | 1,800 | 900 | ||
| To Interest on Drawings A/c | 108 | 90 | 72 | By net profit | 6,000 | 4,000 | 2,000 | ||
| To Balance c/d | 23,392 | 16,710 | 1,228 | ||||||
| 24,700 | 17,800 | 2,900 | 24,700 | 17,800 | 2,900 | ||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
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Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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