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Question 49 Chapter 2 of Class 12 Part – 1 VK Publication

Question 49 Chapter 2 of Class 12 Part - 1 VK Publication
Question 49 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 49 Chapter 2 of Class 12 Part – 1

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49. A, Band Care partners sharing profits and losses in the ratio of 3:2: 1. Their capitals were Rs. 80,000, Rs. 60,000 and Rs. 40,000 respectively. According to the partnership deed, partners are entitled to receive the following:
(a) Interest on capital @ 12%.
(b) Salaries @Rs. 300 per month to each partner.
(c) Interest on drawings is to be charged @ 12%, irrespective of the period. Partners drawings amount to Rs. 8,000 for A, Rs. 6,000 for B and Rs. 5,000 for C.
The profit earned by the firm after charging partners’ salaries but before allowing interest on capital and charging interest on drawings amounts to Rs. 44,000.
Show the distribution of profit among partners.

The solution of Question 49 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

(For the year ended 31st March, 2017)

Particulars 
 
AmountParticulars 
 
Amount
To Partner’s Salary A/C  By Profit and Loss A/c [44,000 + 10,800 ( salaries)] 54,800
A3,600 By Interest on Drawings A/c:  
B3,600 A960 
C3,60010,800B720 
To Interest on Capital A/c:  C6002,280
A9,600    
B7,200    
C4,80021,600   
To Profit Transferred To Capital A/C’s     
A12,340    
B8,227    
C4,11324,680   
  57,080  57,080

 

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Also, Check out the solved question of all Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

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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)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

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Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Chapter No. 1 – Financial Statements of a Company

Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

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Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms 

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