Question 41 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-41 - CH-2 - Usha +2 Book 2018 - Solution

Question 41 Chapter 2 of +2-Part-1

41. (Fixed and Fluctuating Capital a/c’s) On 1st January,2017, A and B entered in a partnership and contributed Rs.40,000 and Rs.30,000 respectively. They share profits and losses in the ratio of 3:2. B is to be allowed a salary of Rs.8,000 per year. Interest on capitals is to be allowed at 5% p.a. and interest is to be charged on drawings. During the year A withdrew Rs.6,000 and B Rs. 12,000 on which interest in case of A being Rs.140 and B Rs.100. Profit in 2017 before the above noted adjustments was Rs.21,160. Show the distribution of profits between the partners and prepare capital accounts when:
(a) Capitals are fluctuating.
(b) Capitals are fixed.

The solution of Question 41 Chapter 2 of +2 Part-1: –

Day - 45 | Questions of Partnership - I | Accounts class 12 | PSEB | Sarbjit Singh |

 Profit and Loss App. A/c Particulars Amount Particulars Amount To Interest on Capital : By Profit b/d 21,160 – A 2,000 By interest on drawings: -B 1,500 3,500 -A 140 To B’s Salary 8,000 -B 100 240 To Net profit transferred to Capital a/cs -A (3/5) 5,940 -B (2/5) 3,960 9,900 21,400 21,400

(a)If capitals are fluctuating :

 Partners’ Capital Account Particulars A B Particulars A B To Drawings A/c 6,000 12,000 By Balance b/d 40,000 30,000 To Interest on Drawings A/c 140 100 By Interest on Capital A/c 2,000 1,500 By Salary — 8,000 By P&L Appropriation A/c 5,940 3,960 To Balance c/d 41,800 31,360 47,940 43,460 47,940 43,460

 Partners’ Capital Accounts Particulars A B Particulars A B By Balance B/d 40,000 30,000 To Balance c/d 40,000 30,000 40,000 30,000 40,000 30,000

 Partners’ Current Accounts Particulars A B Particulars A B To Drawings A/c 6,000 12,000 By Interest on Capital A/c 2,000 1,500 To Interest on Drawings A/c 140 100 By Salary — 8,000 By P&L Appropriation A/c 5,940 3,960 To Balance c/d 1,800 1,360 7,940 13,460 7,940 13,460

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Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)

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)

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