Question 36 Chapter 2 of +2-Part-1
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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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
