Question 39 Chapter 3 – Unimax Class 12 Part 1
39. On 1st April, 2020 A, B and C start a business in partnership. A puts in Rs. 30000 in first but withdraws Rs. 10000 at end of six months. B introduces Rs. 25000 at first and increases it to Rs. 55000 at end of four months but withdraws Rs. 10000 at end of eight months. C brings Rs. 25000 at first but increase it by Rs. 20000 at the end of seven months. During the year ended 31st March, 2021, they make a net profit of Rs. 36000. Show how the partners should divided this amount on the basis of effective capital employed by each partner.
The solution of Question 39 Chapter 3 – Unimax Class 12 Part 1:
A’s Capital
| Capital (Rs.) | Months for which the capital has been used in business | Product (Rs.) |
| 30000 | 6 | 180000 |
| 20000 | 6 | 120000 |
| Total Capital | 300000 | |
| B’s Capital | ||
| 25000 | 4 | 100000 |
| 55000 | 4 | 220000 |
| 45000 | 4 | 180000 |
| 500000 | ||
| C’s Capital | ||
| 25000 | 7 | 175000 |
| 45000 | 5 | 400000 |
Capital Ratio of A, B & C A : B : C = 300000 : 500000 : 400000 = 3 : 5 : 4
Profit & Loss of Appropriation A/c For the year ended
| Particulars | Rs. | Particulars | Rs. | |
| To Interest on Capital | By Net Profit | 36000 | ||
| – A (3/12) | 9000 | |||
| – B (5/12) | 15000 | |||
| – C (4/12) | 12000 | 36000 | ||
| 36000 | 36000 |
What is Partnership – Meaning and Its 4 Types
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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication