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Question 41 Chapter 2 – Unimax Class 12 Part 1
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On 1st April, 2021 A, B and C start a business in partnership. A puts in 30,000 in first but withdraws 10.000 at the end of six months. B introduces 25,000 at first and increases it to 55.000 at end of four months but withdraws 10,000 at end of eight months. C brings ₹ 25,000 at first but increase it by 20.000 at the end of seven months. During the year ended 31st st March. 2022, they make a net profit of 36,000. Show how the partners should divided this amount on the basis of effective capital employed by each partner.
The solution of Question 41 Chapter 2 – Unimax Class 12 Part 1:
| A’s Capital | Months for which the capital has been used In business | Product (₹) |
| Capitals (₹) | ||
| 30,000 | 6 | 1,80,000 |
| 20,000 | 6 | 1,20,000 |
| Total Capital | 3,00,000 | |
| B’s Capital | ||
| 25,000 | 4 | 1,00,000 |
| 55,000 | 4 | 2,20,000 |
| 45,000 | 4 | 1,80,000 |
| Total Capital | 5,00,000 | |
| C’s Capital | ||
| 25,000 | 7 | 1,75,000 |
| 45,000 | 5 | 2,25,000 |
| Total Capital | 4,00,000 |
| Capital Ratio of A, B and C | |
| A : B : C | 3,00,000 : 5,00,000 : 4,00,000 |
| 3 : 5 : 4 |
PROFIT AND LOSS APPROPRIATION A/C FOR THE YEAR ENDED
| Particulars | ₹ | Particulars | ₹ | |
| To Profit transferred to capital A/c | ||||
| A | 9,000 | By Net Profit | 36,000 | |
| B | 15,000 | |||
| C | 12,000 | 36,000 | ||
| 36,000 | 36,000 | |||
What is Partnership – Meaning and Its 4 Types
Unimax Advanced Accountancy – II Part – 1 (Accounting for Not-for-Profit Organizations and Partnership Firms)
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- 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
Unimax Advanced Accountancy – II Part – 2 (Financial Statements of Company)
- Chapter No. 1 – Company Accounts – Accounting for Share Capital
- Chapter No. 2 – Company Accounts – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company
- Chapter No. 5 – Financial Statement Analysis
- Chapter No. 6 – Tools of Financial Statement Analysis – Comparative Statements and Common-Size Statements
- Chapter No. 7 – Accounting Ratios
- Chapter No. 8 – Cash Flow Statement