# Question 50 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-50 - CH-2 - Usha +2 Book 2018 - Solution

Question 50 Chapter 2 of +2-Part-1

50. (Profit and loss appropriation a/c, Partners Current a/c) A, B and C are in partnership with respective fixed capitals of Rs.40,000; Rs.30,000 and Rs.20,000. B and C are entitled to annual salaries of Rs. 2,000 and Rs.1500 are respectively payable before the division of profits. Interest on capital is allowed at 5% p.a., but interest is not charged on drawings. Of the first Rs.12,000 divisible as profits in any year, A is entitled to 50%, B to 30% and c to 20%. Annual profits in excess of Rs.12,000 are divisible equally. The profits of the year ended 31st March 2018 was Rs.20,100 after debiting partners salaries but before charging interest on capital. The partner’s drawings for the year were: A Rs.8,000; B Rs.7,500 and C Rs.4,000. The balance on the partners current account on 1st April 2017 was A- Rs.3,000 credit.; B Rs.500 credit and C – Rs.1,000 debit.
Prepare the closing entries of the profit and loss appropriation account and the partners current accounts.

## The solution of Question 50 Chapter 2 of +2 Part-1: –

Day - 47 | Questions of Partnership - I | Accounts class 12 | PSEB | Sarbjit Singh |

 Profit and Loss App. A/c Particulars Amount Particulars Amount To Interest on capital – A 2,000 By net profit 20,100 -B 1,500 -C 1,000 4,500 To Net profit transferred to Capital a/cs -A(6,000 + 1,200) 7,200 -B(3,600+1,200) 4,800 -C (2,400 +1,200) 3,600 15,600 20,100 20,100

 Partners’ Current Account Particulars A B C Particulars A B C To balance b/d – – 1,000 By Balance B/d 3,000 500 – To Drawings A/c 8,000 7,500 4,000 By Interest on Capital A/c 2,000 1500 1000 By salary – 2,000 1,500 By net profit 7,200 4,800 3,600 To Balance c/d 4,200 1,300 1,100 12,200 8,800 6,100 12,200 8,800 6,100

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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