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Question 35 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 35 Chapter 2 - Unimax Class 12 Part 1 - 2021
Question 35 Chapter 2 - Unimax Class 12 Part 1 - 2021

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Question 35 Chapter 2 – Unimax Class 12 Part 1

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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

ParticularsAmanGuneetParticularsAmanGuneet
To Drawings A/c– 7000By Balance b/d1900011000
To Bal c/d3765012350By Interest on Salary950550
   By Salary A/c6000 
   By Profit & Loss Appro. A/c (Profit)117007800
 3765019350 3765019350

Working Note :

(1) Capital at the end50000
Add Drawings during the year7000
 57000
Less Salary of Aman6000 
Less Capital in the beginning30000 
Less Interest on Capital150037500
Profit during the year 19500

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(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)

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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