Question 4 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 4 Chapter 2 – Unimax Class 12 Part 1

4. Partners P and Q have Capitals Rs. 400000 and Rs. 300000 respectively as on 1st January, 2021. P advanced Rs. 20000 to Partnership firm on 1st July, 2021 as loan. There was no agreement as to payment of interest on loan. The profits for year ended 31st December, 2021 amounted to Rs. 52000 prior to provision for interest, if any, either upon loan or capital. 20% of this profit is to be transferred to a reserve account. The partners cannot agree either as to proportion in which profits are to be divided or upon question of interest. How will you divide profits assuming that there is no Partnership deed.

The solution of Question 4 Chapter 2 – Unimax Class 12 Part 1:

Profit & Loss Appropriation Account For the year ended Dec. 31, 2006.

  Working Notes :
Contribution General Reserve = Rs. 52,000 x 20%
                                                   = Rs. 10,400

(2) Interest on Loan                = Rs. 20,000 x 6% x6/12
                                                   =Rs. 600

https://tutorstips.com/not-for-profit-organisations/

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