# Question 47 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-47 - CH-2 - Usha +2 Book 2018 - Solution

Question 47 Chapter 2 of +2-Part-1

47. (Profit and loss Appropriation a/c, Partners’ Capital a/c) Ajay and Atul are partners in a business showing profits and losses in the ratio of 3:2. Their capitals on 1st Jan, 2018 amounted to Rs.50,000 and Rs.30,000 respectively. During the year ended 31st December,2018 their profit was Rs.42,050 without taking into consideration interest on capital and drawings and a salary to Ajay Rs.12,000 p.a. Interest on capital is to be allowed at 8% p.a. and charged on drawings at an average rate of 5% p.a. The drawings on Ajay and Atul during the year were Rs.5,000 and Rs.2,000 respectively and interest on them worked out to be Rs250 and Rs.100 respectively.
Prepare the Profit and loss appropriation account and the capital accounts of the partners as on 31st Dec., 2018.

## The solution of Question 47 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 – Ajay 4,000 By Profit b/d 42,050 -Atul 2,400 6400 By interest on drawings: To Ajay’s Salary 12,000 – Ajay 250 – Atul 100 350 To Net profit transferred to Capital a/cs -Ajay 14,400 -Atul 9,600 24,000 42,400 42,400

 Partners’ Capital A/c Particulars Ajay Atul Particulars Ajay Atul To Drawings A/c 5,000 2,000 By Balance B/d 50,000 30,000 To Interest on Drawings A/c 250 100 By Interest on Capital A/c 4,000 2,400 By Salary 12,000 – By P&L Adjustment A/c 14,400 9,600 To Balance c/d 75,150 39,900 80,400 42,000 80,400 42,000

Comment if you have any questions.

End of Solution

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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