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

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)

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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