Question 48 Chapter 2 of +2-Part-1
48. (Profit and loss appropriation a/c) A, B and C are partners in a firm with capital contribution of Rs.1,00,000, Rs.75,000 and Rs.50,000 respectively.
Their partnership agreement provides for the following:
(a) Interest on capital to be allowed @10% p.a.
(b) B and C are each to be paid salaries @ 1,000 p.m.
(c) A is to be paid a commission of 10% of the net profit.
The net profit of the year ended 31st December 2018 was Rs.1,25,000.
Profits are shared equally. You are required to prepare the Profit and Loss appropriation account for the year ended 31st December 2018.
The solution of Question 48 Chapter 2 of +2 Part-1: –
| Profit and Loss App. A/c |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Interest on capital – A | 10,000 | By net profit b/d | 1,25,000 | ||
| -B | 7,500 | ||||
| -C | 5,000 | 22,500 | |||
| To Salaries – B (1000 X 12) | 12,000 | ||||
| -C (1000 X 12) | 12,000 | 24,000 | |||
| To Commission (10% on 1,25,000 ) | 12,500 | ||||
| To Net profit transferred to Capital a/cs | |||||
| -A | 22,000 | ||||
| -B | 22,000 | ||||
| -C | 22,000 | 66,000 | |||
| 1,25,000 | 1,25,000 | ||||
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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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication