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Question 36 Chapter 2 of +2-Part-1
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36. (Profit & Loss App. A/c / Interest on Loan) A, B and C are partners in 6:3:1 ratio. They earned profit Rs.96,000 before providing for interest on partners loan. A has given a loan of Rs.55,000 to the firm at 10% p.a. on 1-4-2018, B has also given loan RS.20,000 on 1-1-19 a 10% p.a. It was decided to transfer 20% of profits to general reserve before making any appropriations.
C’s Salaries is fixed at Rs.12,000 p.a. B gets salaries Rs.2,000 p.m. for the first five months only.Profits Rs.20,000 are shared in the 6:3:1 and excess over Rs.20,000 is shared equally.
Prepare Profit and Loss Appropriation account for the year ended 31-3-19.
The solution of Question 36 Chapter 2 of +2 Part-1: –
| Profit and Loss Account A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To General Reserve (20% on 90,000) | 18,000 | By Profit b/d (Rs.96,000-Interest on loan A Rs.5,500 and B Rs.500 for months) | 90,000 | ||
| To C’s salary | 12,000 | ||||
| To B’s salary (2000*5) | 10,000 | ||||
| To Net profit transferred to Capital a/cs | |||||
| 20,000 in 6:3:1 and 30,000 equally: | |||||
| -A (12,000+10,000) | 22,000 | ||||
| -B (6,000+10,000) | 16,000 | ||||
| -C (2,000+10,000) | 12,000 | 50,000 | |||
| 90,000 | 90,000 | ||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication