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

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, 2020 200000  150000
Drawings 40000 10000
Interest on Capital 6% 6%
Interest on Drawings 5% 5%
Share of Profit 30000 20000
Salary 12000 9600
Commission 500
Interest on Loan Account 3000

Partner’s Capital Accounts

Particulars P Q Particulars P Q
To drawings 40000 10000 By Balance b/d 200000 150000
To Interest on drawings A/c 1000 250 By Profit 30000 20000
To Bal c/d 213500 178350 By Salary A/c 12000 9600
      By Commission 500 – 
      By Int. on Capital A/c 12000 9000
  254500 188600   254500 188600

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

What is Partnership – Meaning and its 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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