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

Question 33 Chapter 2 of +2- Part-

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: – 

 

Profit and Loss Appropriation Account A/c
Particulars
Amount Particulars
Amount
To Interest on capital –     By Profit b/d   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 Capital 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
         
                   
    27,700 17,800 2,900     27,700 17,800 2,900

 

 

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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