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

Question 39 Chapter 2 of +2- Part-

Question 39 Chapter 2 of +2-Part-1

39. (Treatment of salary & commission) X,Y and Z are in partnership sharing profits equally and during the year 2018-19 earn a profit of Rs.1,15,000. X and Y are entitled to 10% on interest on their capital of Rs.1,00,000 and Rs.1,50,000 respectively while Z, who has no capital in the firm is entitled to a salary of Rs.10,000 p.a. Z is also entitled to commission of 6% on the profits charging Interest, Salary and commission. Prepare profit and loss appropriation for the year ended 31st March 2019.

 

The solution of Question 39 Chapter 2 of +2 Part-1: – 

 

Profit and Loss Account A/c
Particulars
Amount Particulars
Amount
To Interest on Capital :     By net profit   1,15,000
– X   12,000      
– Y          
To Z’s Salary   8,000      
To Commission Agents
6% on(1,15,000-35,000=80,000*6/106)

  60,000      
           
           
To Net profit transferred to:   75,472      
    1,15,000     1,15,000

 

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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

 

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

2 Book 1 min - Question 39 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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