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Question 43 Chapter 2 of Class 12 Part – 1 VK Publication

Question 43 Chapter 2 of Class 12 Part - 1 VK Publication
Question 43 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 43 Chapter 2 of Class 12 Part – 1

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43. On 1st April, 2013 Brij and Nandan entered into partnership to construct toilet in government girls schools in the remote areas of Uttarakhand. They contributed capitals of Rs. 10,00,000 and Rs. 15,00,000 respectively. Their profit sharing ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended 31st March, 2014 the firm earned a profit of Rs. 2,00,000.
Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31st March, 2014.

The solution of Question 43 Chapter 2 of Class 12 Part – 1: –

In the book of Brij and Nandan

Profit and Loss Appreciation Account

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(For the year ended 31st March, 2017)

Particulars 
 
AmountParticulars 
 
Amount
To Interest On Capital A/C:  By Profit and Loss A/c2,00,000
Brij’s Capital A/c80,000   
Nandan’s Capital A/c1,20,0002,00,000  
  2,00,000 2,00,000

Working Note:
Interest on capital of Brij = Rs. 1,20,000
Interest on capital of Nandan = Rs. 1,80,000
Proportionate Interest on Capitals
= 1,20,000/3,00,000×2,00,000 = Rs. 80,000 (Brij)
= 1,80,000/3,00,000×2,00,000= Rs. 1,20,000 (Nandan)

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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

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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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Chapter No. 8 – Company Accounts (Share Capital)

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

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Chapter No. 4 – Ratio Analysis

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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