# Question 46 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-46 - CH-2 - Usha +2 Book 2018 - Solution

Question 46 Chapter 2 of +2-Part-1

46. (Profit and loss Appropriation a/c, Fixed and Fluctuating Capital a/c’s) On 1st April, 2016 A and B entered in a partnership contributing Rs.24,000 and Rs.10,000 respectively. According to the deed, the interest on capital is to be allowed and on drawings to be charged @15% p.a. A and B shall receive a monthly salary of Rs.2,000 each. A is entitled to 2/5 of profits. During the year, the following transactions took place:
(a) On 1st October, 2016 A withdrew (on permanent basis)Rs.8,000 from his capital and B introduced Rs.4,000 as additional capital.
(b) The drawings of A and B were Rs.12,000 each drawn at different intervals of time and the interest corresponding to these drawings were Rs. 675 and Rs.450 respectively.
(c) The profit for the year before any adjustment is made was Rs.60,000.
Prepare the profit and loss appropriation account and the necessary accounts assuming that:
(i) The capitals are fluctuating.
(ii) The capitals are fixed.

## The solution of Question 46 Chapter 2 of +2 Part-1: –

Day - 46 | Questions of Partnership - I | Accounts class 12 | PSEB | Sarbjit Singh |

 Profit and Loss App. A/c Particulars Amount Particulars Amount To Interest on capital – A 3,000 By Profit b/d 60,000 -B 1,800 4,800 By interest on drawings: To salary- A 24,000 -A 675 -B 24,000 48,000 -B 450 1,125 To Net profit transferred to Capital a/cs -A (3/5) 4,995 -B (2/5) 3,330 8,325 61,125 61,125

(a)If capitals are fluctuating :

 Partners’ Current A/c Particulars A B Particulars A B To Cash A/c 8,000 – By Balance B/d 24,000 10,000 To Drawings A/c 12000 12000 By Cash – 4,000 To Interest on Drawings A/c 675 450 By Interest on Capital A/c 3,000 1,800 By Salary 24,000 24,000 By P&L Appropriation A/c 4,995 3,330 To Balance c/d 35,320 30,680 55,995 43,130 55,995 43,130

(b)If capitals are fixed :

 Partners’ Capital A/c Particulars A B Particulars A B To Cash A/c 8,000 – By Balance B/d 24,000 10,000 By Cash – 4,000 To Balance c/d 16,000 14,000 24,000 14,000 24,000 14,000

 Partners’ Current A/c Particulars A B Particulars A B To Drawings A/c 12,000 12,000 By Interest on Capital A/c 3,000 1,800 To Interest on Drawings A/c 675 450 By Salary 24,000 24,000 By P&L Appropriation A/c 4,995 3,330 To Balance c/d 19,320 16,680 31,995 29,130 31,995 29,130

Working Note: –

Calculation of Interest on Partners’ Capital:

 Amount A On 24,000 for ½ year: 1,800 On 16,000 for ½ year: 1,200 3,000

 Amount B On 10,000 for ½ year: 750 On 14,000 for ½ year: 1,050 1,800

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Introduction) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

### Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Thanks again.

End of Post

### Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

## 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.