Question 37 Chapter 2 of +2-Part-1
Table of Contents
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: –
| 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) | |||||
| 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) | |||||
| c) | Commission A/c | Dr. | 2,000 | ||
| To Z’s Capital A/c | 2,000 | ||||
| (Being interest on Capital allowed) | |||||
| 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 ) | |||||
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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
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