# Question 33 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-33 - CH-2 - Usha +2 Book 2018 - Solution

Question 33 Chapter 2 of +2-Part-1

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: –

Day 38 | Illustration 30 and Question No 28 to 33 | Interest on drawing | Class 12 Accounts | Usha

 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

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

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### Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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)

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