Question 45 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 45 Chapter 2 of +2- Part-

Question 45 Chapter 2 of +2-Part-1

45. (Profit and loss appropriation a/c) A and B are partners sharing profits in the ratio of 3:2 with capital of Rs.25,000 and Rs.15,000 respectively. Interest on capital is allowed @6% p.a. B is allowed salary of Rs.1250 per annum. During 2018, the profits of the firm prior to calculation of interest on capital but after charging B’s salary amounted to Rs.6.250. A provision of 5% of the profits is to be maintained in respect of managers’ commission. Prepare Profit and Loss Appropriation Account.

 

The solution of Question 45 Chapter 2 of +2 Part-1: – 

 

Profit and Loss Account A/c
Particulars
Amount Particulars
Amount
To Interest on capital – A 1,500   By net profit (6250+1250)   7,500
-B 900 2,100      
To B’s Salary   1,250      
To Manager’s Commission (5% on 7500)   375      
           
To Net profit transferred to Capital a/cs          
– A 2,085        
– B 1,390 3,475      
    7,500     7,500

 

 

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

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

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

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

2 Book 1 min - Question 45 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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