Question 33 Chapter 3 – Unimax Class 12 Part 1 – 2021

Question 33 Chapter 3 - Unimax Class 12 Part 1 - 2021

Question 33 Chapter 3 – Unimax Class 12 Part 1

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 3 – Unimax Class 12 Part 1:

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

Particulars   Rs. Particulars Rs.
To Interest on Capital     By Net Profit 33200
– Alisha 3200      
– Aman 2400      
– Meenu 1600 7200    
To Profit transferred to capital A/c        
– Alisha 10500      
– Aman 8300      
– Meenu 7200 26000    
    33200   33200

Partners’ Capital Accounts

Particulars Alisha
Aman Meenu Particulars Alisha
Aman
Meenu
        By Balance b/d 80,000 60,000 40,000
To Balance c/d 80,000 60,000 40,000        
  80,000 60,000 40,000   80,000 60,000 40,000

Partners’ Current Accounts

Particulars Alisha
Aman Meenu Particulars Alisha
Aman Meenu
To Balance b/d –  2000 –  By Balance b/d 4000 –  2500
To Drawings A/c 4000 1000 1500 By P&L app. A/c (share of profit) 10500 8300 7200
        By Interest on capital A/c 3200 2400 1600
To Balance c/d 13700 7700 9800        
  17700 10700 11300   17700 10700 11300

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

 

What is Partnership – Meaning and its Types

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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