Question 40 Chapter 2 of +2-Part-1
40. (Journal Entries for Commission) Pass Journal Entries for the following
(a) Commission @5% payable to partner Mohan on profits before charging his commission. Profits are Rs.50,000.
(b) Commission @7% payable to partner Geeta on profits after charging his commission. Profits before commission are Rs.2,14,000.
(c) Fees Rs.2,500 p.m. is payable to partner Kanika.
Also, show relevant entries of transfers to Profit and Loss Appropriation a/c.
The solution of Question 40 Chapter 2 of +2 Part-1: –
| Journal |
|||||
| Date | Particulars |
L.F | Debit | Credit | |
| a) | Commission A/c | Dr. | 2,500 | ||
| To Mohan’s Capital A/c | 2,500 | ||||
| (Being commission due) | |||||
| b) | Commission A/c | Dr. | 14,000 | ||
| To Geeta’s Capital A/c | 14,000 | ||||
| (Being commission due i.e. 7/107*2,14,000) | |||||
| c) | Fees A/c | Dr. | 30,000 | ||
| To Kanika’s Capital A/c | 30,000 | ||||
| (Being fees payable) | |||||
| d) | Profit and Loss Appropriation A/c | Dr. | 46,500 | ||
| To Commission A/c | 16,500 | ||||
| To Fees A/c | 30,000 | ||||
| (Being expenses transferred to Profit and loss appropriation account ) | |||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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