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

Question 49 Chapter 2 of Class 12 Part – 1

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

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

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

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		Amount	Particulars		Amount
To Partner’s Salary A/C			By Profit and Loss A/c [44,000 + 10,800 ( salaries)]		54,800
A	3,600		By Interest on Drawings A/c:
B	3,600		A	960
C	3,600	10,800	B	720
To Interest on Capital A/c:			C	600	2,280
A	9,600
B	7,200
C	4,800	21,600
To Profit Transferred To Capital A/C’s
A	12,340
B	8,227
C	4,113	24,680
		57,080			57,080