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)
|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|
|Calculation of Interest on Capital:||Rs.|
|Interest on Sen’s Capital||9,000|
|Interest on Suri’s Capital||5,625|
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.
Thanks, Please Like and share with your friends
Comment if you have any questions.
Also, Check out the solved question of all Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution