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Question 49 Chapter 2 of +2-Part-1
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49. (P/L appropriation a/c, Partners capital & current accounts)X and Y were partners in firm sharing profits in the ratio of 3:2.On 1.4.2016 their fixed capitals were Rs.3,00,000 and Rs.2,50,000 respectively. On 1.10.2016 they decided that their total capital (fixed) should be Rs.6,00,000 in their profit sharing ratio. Accordingly, they introduced extra capital or withdrew excess capital. The partnership deed provided for the following:
(a) Interest on capital to be allowed @12% p.a.
(b) Interest on drawings @18% p.a.
(c) A monthly salary of Rs.2,000 to X and a monthly salary of Rs.1,500 to Y. The drawings of X and Y during the year as follows:
| Year (2016-17) | X | Y |
| Sep-30 | 20,000 | 15,000 |
| Dec-31 | 20,000 | 25,000 |
During the year ended 31.3.2017, the firm earned a net profit of Rs.1,50,000. 10% of this profit was to be transferred to the general reserve. You are required to prepare:
1. Profit and Loss appropriation account
2. Partners’ Capital accounts
3. Partners current accounts.
The solution of Question 49 Chapter 2 of +2 Part-1: –
| Profit and Loss App. A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To General Reserve | 15,000 | By net profit | 1,50,000 | ||
| To Interest on capital (WN1) – X | 39,600 | By Interest on drawings (WN2) – | |||
| -Y | 29,400 | 69000 | -X | 2,700 | |
| To Salaries – X(2,000*12) | 24,000 | -Y | 2,475 | 5,175 | |
| -Y (1,500*12) | 18,000 | 42,000 | |||
| To Net profit transferred to Capital a/cs | |||||
| -X(3/5) | 17,505 | ||||
| -Y(2/5) | 11,670 | 29,175 | |||
| 1,55,175 | 1,55,175 | ||||
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| Partners’ Capital Account | |||||||
| Particulars | X | Y | Particulars | X | Y | ||
| To cash a/c (withdrawn) (BF) | – | 10,000 | By Balance B/d | 3,00,000 | 2,50,000 | ||
| By cash a/c (introduced) (BF) | 60,000 | – | |||||
| To Balance c/d | 3,60,000 | 2,40,000 | |||||
| 3,60,000 | 2,50,000 | 3,60,000 | 2,50,000 | ||||
| Partners’ Current Account | |||||||
| Particulars | X | Y | Particulars | X | Y | ||
| To Drawings A/c | 40,000 | 40,000 | By Interest on Capital A/c | 39,600 | 29,400 | ||
| To Interest on Drawings A/c | 2,700 | 2,475 | By Salary | 24,000 | 18,000 | ||
| By P&L Appropriation A/c | 17,505 | 11,670 | |||||
| To Balance c/d | 38,405 | 16,595 | |||||
| 81,105 | 59,070 | 81,105 | 59,070 | ||||
Working Note: –
1. Calculation of Interest on partners’ Capital @12%:
| X: | |
| On 3,00,000 for ½ year: | 18,000 |
| On 3,60,000 for ½ year: | 21,600 |
| 39,600 |
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| Y: | |
| On 2,50,000 for ½ year: | 15,000 |
| On 2,40,000 for ½ year: | 14,400 |
| 29,400 |
2. Calculation of Interest on partners’ Drawings @18%:
| X: | |
| On 20,000 for ½ year (Oct-march): | 1,800 |
| On 20,000 for ¼ year (Jan – March): | 900 |
| 2,700 |
| Y: | |
| On 15,000 for ½ year (Oct-March): | 1350 |
| On 25,000 for ¼ year (Jan- March): | 1,125 |
| 2,475 |
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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)
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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)
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- 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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