Question 37 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part

Question 37 Chapter 2 of +2-Part-1

37. (Treatment of salary and Commission) Pass Journal Entries for the following transactions and the relevant transfer entries to profit and loss appropriation account :
(a) Salary Rs.3,000 p.m. payable to partner X and Rs.4,000 p.m. to Y.
(b) Interest on Capital is allowed @10% p.a. on capital of Rs.1,00,000 and Rs.70,000 to X and Y respectively.
(c) Commission 5% is payable to Z on the profit of Rs.40,000.

The solution of Question 37 Chapter 2 of +2 Part-1: –

Day - 41 | Questions of Partners Salary, Commission & Fees | Partnership - I Accounts class 12 |

Watch this video on YouTube.

Journal
Date	Particulars		L.F	Debit	Credit
a)	Partners’ Salary A/c	Dr.		84,000
	To X’s Capital A/c				36,000
	To Y’s Capital A/c				48,000
	(Being salary due to partners)

	Profit and Loss Appropriation A/c			84,000
	To Partners’ Salary A/c				84,000
	(Being salary due to transferred to Profit and loss Appropriation A/c)

b)	Interest on capital A/c	Dr.		17,000
	To X’s Capital A/c				10,000
	To Y’s Capital A/c				7,000
	(Being interest on capital allowed)

	Profit and Loss Appropriation A/c	Dr.		17,000
	To Interest on capital A/c				17,000
	(Being Interest on capital transferred to Profit and loss Appropriation A/c)

c)	Commission A/c	Dr.		2,000
	To Z’s Capital A/c				2,000
	(Being interest on Capital allowed)

	Profit and Loss Appropriation A/c	Dr.		2,000
	To Z’s Commission A/c				2,000
	(Being commission transferred to Profit and loss Appropriation A/c)

	Profit and Loss A/c	Dr.		1,03,000
	To Partners’ Salary A/c				84,000
	To Interest on capital A/c				17,000
	To Commission A/c				2,000
	(Being expenses transferred to Profit and loss account )

Thanks, Please Like and share with your friends

Comment if you have any questions.

End of Solution

Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Introduction) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 01 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 02 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 03 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 04 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 05 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 06 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 08 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 09 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 10 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 13 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-Y

Question 14 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 15 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 16 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 17 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 20 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 22 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 23 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 26 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 27 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 28 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-Y

Question 29 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 30 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 34 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 35 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 37 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 38 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 39 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 40 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 41 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 42 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-Y

Question 44 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 45 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 46 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 47 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 48 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 49 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 50 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 51 Chapter 2 – USHA Publication 12 Class Part – 1

Question 52 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 53 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 54 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 55 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 56 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 57 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 58 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-Y

Question 59 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 60 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 61 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Thanks again.

End of Post

Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

Download Now From our Store

Advertisement-X

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)

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

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

Advertisement-X

Accountancy – Part 2 Class 12 – Session 2024-25 – Solution for free

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication

Advanced Accountancy II Part 2 Class 12 – Solution for free

The solution of Question 37 Chapter 2 of +2 Part-1: –

Check Out the Solution of all questions of this chapter:

Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):

Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication

Check out Part 2 of both books.

Related