Question 36 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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
• Chapter No. 3 – Partnership Accounts – II (Introduction)
• Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
• Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
• Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
• 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 (Balance Sheet Only)
• Chapter No. 2 – Techniques of Financial Statement Analysis
• Chapter No. 3 – Ratio Analysis 
• Chapter No. 4 – Cash Flow Statement

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