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

Q-42 - CH-2 - Usha +2 Book 2018 - Solution

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: –

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

 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 1 100 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 1 100 12 Interest on Drawing = 19.38/-

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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)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication