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Question 40 Chapter 3 – Unimax Class 12 Part 1 – 2021

Question 40 Chapter 3 - Unimax Class 12 Part 1 - 2021
Question 40 Chapter 3 - Unimax Class 12 Part 1 - 2021

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Question 40 Chapter 3 – Unimax Class 12 Part 1

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40. Prepare the Capital Accounts of partners P and Q from the following details, assuming that their capitals are fluctuating :

 P (Rs.)Q (Rs.)
Capital as on 1st April, 2020200000 150000
Drawings4000010000
Interest on Capital6%6%
Interest on Drawings5%5%
Share of Profit3000020000
Salary120009600
Commission500
Interest on Loan Account3000

Partner’s Capital Accounts

ParticularsPQParticularsPQ
To drawings4000010000By Balance b/d200000150000
To Interest on drawings A/c1000250By Profit3000020000
To Bal c/d213500178350By Salary A/c120009600
   By Commission500– 
   By Int. on Capital A/c120009000
 254500188600 254500188600

Working Notes :
(1) P’s Interest on drawings = Rs. 40000 x 5% x 6/12
                                            =Rs. 1000
Q’s Interest on drawings = Rs. 10000 x 5% x 6/12 = Rs. 250
(2) Interest on loan to Q should be credited to his loan account or to a separate outstanding interest account

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What is Partnership – Meaning and Its 4 Types

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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