Question 35 Chapter 2 – Unimax Class 12 Part 1
35. Aman and Guneet are partners. As on 1st April, 2020, the Capital of the partnership was Rs. 30000 out of which Rs. 19000 stood to credit of Aman and Rs. 11000 to the credit of Guneet Profits and Losses are to be divided in 3 : 2. On 31st March, 2021 their total combined capital is Rs. 50000
– During year ended 31st March, 2021 Guneet’s drawings were Rs. 7000.
– Aman was provided annual salary of Rs. 6000 during year ended 31st March, 2021.
Assuming that partners were credited interest on Capital @ 5% per annum, prepare capital a/cs of partners.
The solution of Question 35 Chapter 2 – Unimax Class 12 Part 1
Partners’ Capital Accounts
| Particulars | Aman | Guneet | Particulars | Aman | Guneet |
| To Drawings A/c | – | 7000 | By Balance b/d | 19000 | 11000 |
| To Bal c/d | 37650 | 12350 | By Interest on Salary | 950 | 550 |
| By Salary A/c | 6000 | ||||
| By Profit & Loss Appro. A/c (Profit) | 11700 | 7800 | |||
| 37650 | 19350 | 37650 | 19350 |
Working Note :
| (1) Capital at the end | 50000 |
| Add Drawings during the year | 7000 |
| 57000 |
| Less Salary of Aman | 6000 | |
| Less Capital in the beginning | 30000 | |
| Less Interest on Capital | 1500 | 37500 |
| Profit during the year | 19500 |
(2) Aman’s share of profit = 19500 x 3/5 = Rs. 11700
Guneet’s share of profit = 19500 x 2/5 = Rs. 7800
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)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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