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Question 44 Chapter 2 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 44 Chapter 2 of +2-A
Question No.44 - Chapter No.2 - T.S. Grewal +2 Book 2019-Solution

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Question 44 Chapter 2 of +2-A

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44. Show how the following will be recorded in the Capital Accounts of the Partners Sohan and
Mohan when their capitals are fluctuating:

 SohanMohan
Capital on 1st April 20184,00,0003,00,000
Drawings during the year ended 31st March 201950,00030,000
Interest on Capital5%5%
Interest on Drawings1,250750
Share of Profit for the year ended 31st March 201960,00050,000
Partner’s Salary36,000…..
Commission 5,0003,000

 

The solution of Question 44 Chapter 2 of +2-A

Partners’ Capital Accounts
for the year ended 31st March 2019
Particulars
Sohan
MohanParticulars
SohanMohan
To Drawings A/c50,00030,000By Balance B/d4,00,0003,00,000
To Interest on Drawings A/c1,250750By Interest on Capital A/c *120,00015,000
   By P&L Appropriation A/c60,00050,000
   By P&L Appropriation A/c36,000
   By Commission A/c5,0003,000
To Balance c/d 4,69,7503,37,250   
 5,21,0003,68,000 5,21,0003,68,000

 

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Working Note: –

*1Calculation of Interest on Sohan’s & Mohan’s Capital by Simple Method
Interest on Capital= Opening Capital X Rate of Interest

Interest on Sohan’s Capital4,00,000X5
100

Interest on Sohan’s Capital = 20,000/-

Interest on Mohan’s Capital3,00,000X5
100

Interest on Mohan’s Capital = 15,000/-

Comment if you have any questions.

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

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

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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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