# Question 50 Chapter 2 of Class 12 Part – 1 VK Publication

Question 50 Chapter 2 of Class 12 Part - 1 VK Publication

Question 50 Chapter 2 of Class 12 Part – 1

50. On 1st April, 2017 Sen and Suri, entered into partnership for supplying air purifiers to offices located in their city. They contributed capitals of Rs. 1,00,000 and Rs. 62,500 respectively and agreed to share the profits in the ratio of 3:2. The partnership dee provided that interest on capital shall be allowed at 9% per annum. During the year, th firm earned a profit of Rs. 9,750.
Showing your calculations clearly, prepare ‘Profit and Loss Appropriation Account of Sen and Suri for the year ended 31st March, 2018

## The solution of Question 50 Chapter 2 of Class 12 Part – 1: –

In the book of Sen and Suri

Profit and Loss Appreciation Account

(For the year ended 31st March, 2018)

 Particulars Amount Particulars Amount To Interest on Capital A/c: By Profit for the year 9,750 Sen’s Capital A/c ( 9,750 x 8/13) 6,000 Suri’s Capital A/c ( 9,750 x 5/13) 3,750 9,750 9,750 9,750

Working Notes:

 Calculation of Interest on Capital: Rs. Interest on Sen’s Capital 9,000 Interest on Suri’s Capital 5,625 Total 14,625

The available profiy is Rs. 9,750 since the profit is less than interest , the available profit will be distributed in the ratio of interest ,i.e., 9,000:5,625 or 8:5.

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## 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)

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)

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