# Question 43 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-43 - CH-2 - Usha +2 Book 2018 - Solution

Question 43 Chapter 2 of +2-Part-1

43. (Profit and loss adjustment a/c) On April 1, 2018 John and Robert commenced business as partners with an initial capital of Rs.20,000 and Rs.30,000 in their respective accounts. The partnership deed provided inter alia that
1. Profit/Loss shall be shared in the ratio of 2:3 as between John and Robert.
2. Partners shall be entitled to interest on capital at the commencement of each year at 6% p.a. and
3. Interest on drawings shall be charged at 8% p.a.
During the year ended 31-3-2019, the firm made a profit of Rs.19,280 before adjustment of interest on capital and drawings. The partners withdrew during the year Rs.3,000 each at the end of every quarter commencing from 30-6-2018.
You are required to open a profit and loss adjustment account.

## The solution of Question 43 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 – John 1,200 By Profit b/d 19,280 -Robert 1,800 3,000 By interest on drawings: -John 360 -Robert 360 720 To Net profit transferred to Capital a/cs -John 6,800 -Robert 10,200 17,000 20,000 20,000

 Dr. Profit and Loss Account A/c Cr. Particulars John Robert Particulars John Robert To Drawings A/c 12,000 12,000 By Balance b/d 20,000 30,000 To Interest on Drawings A/c 360 360 By Interest on Capital A/c 1,200 1,800 By P&L Adjustment A/c 6,800 10,200 To Balance c/d 15,640 29,640 28,000 42,000 28,000 42,000

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) 30-6-18 3,000 9 27,000 30-9-18 3,000 6 18,000 31-1218 3,000 3 9,000 31-3-19 3,000 0 0 Sum of Product 54,000

 Interest on Drawing = 54,000 X 8 X 1 100 12 Interest on Drawing = 360/-

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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