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

Question 37 Chapter 2 of +2- Part-
Q-37 - CH-2 - Usha +2 Book 2018 - Solution

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Question 37 Chapter 2 of +2-Part-1

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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
DateParticulars
L.FDebit Credit
a)Partners’ Salary A/cDr. 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/cDr. 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/cDr. 2,000 
 To Z’s Capital A/c   2,000
 (Being interest on Capital allowed)    
      
 Profit and Loss A/cDr. 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

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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