Question 40 Chapter 2 of +2-Part-1
Table of Contents
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 ) | |||||
| d) | Profit and Loss Appropriation A/c | Dr. | 12,000 | ||
| To General Reserve A/c | 12,000 | ||||
| (Being general reserve created) | |||||
| e) | Commission A/c | Dr. | 4,000 | ||
| To B’s Capital A/c | 4,000 | ||||
| (Being commission payable to B) | |||||
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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 (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)
- 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
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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