Question 40 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 40 Chapter 2 of +2- Part-

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 )        
           
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
  • 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 40 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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