# Question 49 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-49 - CH-2 - Usha +2 Book 2018 - Solution

Question 49 Chapter 2 of +2-Part-1

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: –

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

 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

 Partners’ Capital Account Particulars X Y Particulars X Y To cash a/c (withdrawn) (BF) – 10,000 By Balance B/d 3,00,000 2,50,000 By cash a/c (introduced) (BF) 60,000 – To Balance c/d 3,60,000 2,40,000 3,60,000 2,50,000 3,60,000 2,50,000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

 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

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