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Question 33 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 33 Chapter 2 - Unimax Class 12 Part 1 - 2021
Question 33 Chapter 2 - Unimax Class 12 Part 1 - 2021

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Question 33 Chapter 2 – Unimax Class 12 Part 1

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33. Alisha, Aman and Meenu are three partners. On 1st April, 2020 their respective Capitals were Rs. 80000, Rs. 60000 and Rs. 40000. On the same date, their current account balance were Alish = Rs. 4000 (Cr.), Aman = Rs. 2000 (Dr.), Meenu = Rs. 2500 (Cr.).
Profits are to be divided equally upto Rs. 15000. Above that amount Alisha gets 50%, Aman gets 30% and Meenu gets 20%. Drawings of Alisha, Aman and Meenu for year ending 31st March, 2021 were Rs. 4000, Rs. 1000, Rs. 1500 respectively. The profit for year ended 31st March, 2021 amounted to Rs. 33200 before charging interest on capital which is allowed @ 4% per annum.
You have to prepare Profit and Loss Appropriation Account, Partners Capital Accounts and Partners Current Accounts.

The solution of Question 33 Chapter 2 – Unimax Class 12 Part 1:

Profit & Loss of Appropriation A/c For the year ended Dec. 31, 2021

Particulars Rs.ParticularsRs.
To Interest on Capital  By Net Profit33200
– Alisha3200   
– Aman2400   
– Meenu16007200  
To Profit transferred to capital A/c    
– Alisha10500   
– Aman8300   
– Meenu720026000  
  33200 33200

Partners’ Capital Accounts

Particulars Alisha AmanMeenuParticulars Alisha AmanMeenu
To Balance c/d800006000040000By Balance b/d 80000 6000040000

Partners’ Capital Accounts

ParticularsAlishaAmanMeenuParticularsAlishaAmanMeenu
To Balance b/d– 2000– By Balance b/d4000– 2500
To Drawings A/c400010001500By P& L app. A/c (share & profit)1050032007200
To Balance c/d1370077009800By Interest on capital320024001600
 177001070011300 177001070011300

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Working Notes : Calculation of Share of Profit :
Profit Sharing Ratio = 4 : 3 : 2
Alisha = Rs. 15000 x 1/3 + Rs. (26000 -15000) x 50/100
            = Rs. 10500
Aman = Rs. 15000 x 1/3 + Rs. (26000 -15000) x 30/100
             = Rs. 8300
Meenu = Rs. 15000 x 1/3 + Rs. (26000 -15000) x 20/100
              = Rs. 7200

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)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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