Question 42 Chapter 2 of +2 Part-1 - USHA Publication 12 Class Part

Question 42 Chapter 2 of +2-Part-1

42. (Fluctuating Capital a/c’s/ Profit & Loss App. A/c) A and B are in partnership sharing profits and losses equally. A’s Capital is Rs.10,000 and B’s Capital is Rs.2,000. Profits for the year ended 31st March 2019 are Rs 6,000 before charging interest on drawings. Interest at 5% p.a. is to be charged on drawings which were as follows:

A	Amount	B	Amount
1st July 2018	200	1st June 2018	100
1st Aug 2018	100	1st July 2018	100
1st Sept 2018	300	1st Sept. 2018	50
1st Nov 2018	50	1st Oct 2018	200
1st Feb. 2019	100	1st Dec. 2018	300

Assuming that the capitals are fluctuating, show the partners capital accounts and profit and loss App. account.

The solution of Question 42 Chapter 2 of +2 Part-1: –

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Profit and Loss App. A/c
Particulars		Amount	Particulars		Amount
			By Profit b/d		6,000
			By interest on drawings:
			-A	21.46
			-B	19.38	40.84

To Net profit transferred to Capital a/cs
-A (1/2)	3,020.42
-B (1/2)	3,020.42	6,040.84
		6,040.84			6,040.84

Profit and Loss Account A/c
Particulars	A	B	Particulars	A	B
To Drawings A/c	750	750	By Balance b/d	10,000	2,000
To Interest on Drawings A/c	21.46	19.38	By net profit	3,020.42	3,020.42

To Balance c/d	12,248.96	4251.04
	13,020.42	5,020.42		13,020.42	5,020.42

Working Note: –

Calculation of Interest on A’s Drawings:
We will do it with the product method because of partner withdrawal a different amount every time.


Date	Amount (A)	Period Left after(B)	Product (C=A*B)
1-7-18	200	9	1,800
1-8-18	100	8	800
1-9-18	300	7	2,100
1-11-18	50	5	250
1-2-19	100	2	200
Sum of Product			5,150

Interest on Drawing	=	5150	X	5	X	1
Interest on Drawing	=	5150	X	100	X	12

Interest on Drawing	=	21.46/-


Date	Amount (A)	Period Left after(B)	Product (C=A*B)
1-6-18	100	10	1,000
1-7-18	100	9	900
1-9-18	50	7	350
1-10-18	200	6	1,200
1-12-19	300	4	1,200
Sum of Product			4,650

Interest on Drawing	=	4650	X	5	X	1
Interest on Drawing	=	4650	X	100	X	12

Interest on Drawing	=	19.38/-

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

Question 42 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)

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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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