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Question 36 Chapter 2 – Unimax Class 12 Part 1
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36. A, B and C are three partners sharing profits and losses in ratio 2 : 2: 1. Their respective capitals as on 1st Aril, 2020 were Rs. 200000, Rs. 100000 and Rs. 50000.
A and B made temporary loans to the firm as follows :
A – Rs. 40000 advanced on July 1st 2020 and repaid on 31st December, 2020.
B – Rs. 80000 advanced on 1st November, 2020 and repaid on 31st January, 2021.
Interest on capital @ 5% per annum is to be provided to partners. Profit for year ended 31st March, 2021 was Rs. 30000 (Before providing for any interest).
You have to allocate the profit among partners.
The solution of Question 36 Chapter 2 – Unimax Class 12 Part 1:
Profit & Loss of Appropriation A/c For the year ended 31st March, 2021
| Particulars | Rs. | Particulars | Rs. | |
| To Interest on capital | By Net Profit | 30000 | ||
| – A | 10000 | |||
| – B | 5000 | |||
| – C | 2500 | 17500 | ||
| To Interest on advance | ||||
| – A | 1200 | |||
| – B | 1200 | 2400 | ||
| To Profit transferred to Capital A/c | ||||
| – A | 4040 | |||
| – B | 4040 | |||
| -C | 2020 | 10100 | ||
| 25432 | 25432 |
Working Notes :
A’s interest on advance = Rs. 40000 x @ 6% p.a. for 6 months
= Rs. 1200
B’s interest on advance = Rs. 80000 x @ 6% p.a. for 3 months
= Rs. 1200
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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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