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Question 42 Chapter 2 of Class 12 Part – 1 VK Publication

Question 42 Chapter 2 of Class 12 Part - 1 VK Publication
Question 42 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 42 Chapter 2 of Class 12 Part – 1

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42. Prerna, Kashish and Sanchi are partners sharing profits in the ratio of their capitals which stood at Rs. 1,00,000 each withdrew Rs. 15,000, Rs. 10,000 and Rs. 11,000 respectively. It was however agreed amongst the partners that any drawings in excess of Rs. 10,000 shall be subject to an interest at 10% pa. It was also agreed that interest on capital is to be provided at 6%. The profit for the year before making any adjustments as given above were Rs. 48,000. The credit balance of the partners’ current accounts were Rs. 10,000 each. Draw up necessary ledger accounts for the above.

The solution of Question 42 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

(For the year ended 31st March, 2018)

Particulars 
 
AmountParticulars 
 
Amount
To Interest On Capital A/C:  By Profit And Loss A/C 48,000
Prerna6,000 By Interest on Drawings A/c  
Kashish6,000 Prerna250 
Sanchi6,00018,000Sanchi50300
To Profit Transferred To Capital A/C’s     
Prerna10,100    
Kashish10,100    
Sanchi10,10030,300   
  48,300  48,300

Partner’s Capital Account

Particulars 

Prerna Rs.

 Kashish Rs. 

Sanchi Rs.Particulars Prerna Rs.Kashis Rs. Sanchi Rs.
To Drawings A/C15,00010,00011,000By Balance b/d10,00010,00010,000
To Interest on Drawings A/C25050By Interest On Capital6,0006,0006,000
To Balance c/d10,85016,10015,050By P & L App. A/C ( Profit)10,10010,10010,100
 26,10026,10026,100 26,10026,10026,100

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Partner’s Capital Account

Particulars 

Prerna Rs.

 Kashish Rs. 

Sanchi Rs.Particulars Prerna Rs.Kashis Rs. Sanchi Rs.
To Balance c/d1,00,0001,00,0001,00,000By Balance b/d1,00,0001,00,0001,00,000
 1,00,0001,00,0001,00,000 1,00,0001,00,0001,00,000

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Also, Check out the solved question of all Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

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)

Chapter No. 8 – Company Accounts (Share Capital)

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Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Chapter No. 1 – Financial Statements of a Company

Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 – Ratio Analysis

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Chapter No. 5 – Cash Flow Statement

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms 

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