Question 51 Chapter 2 – USHA Publication 12 Class Part – 1

Posted by By Shubham Sharma 4 Min Read July 12, 2024
Question 51 Chapter 2 of +2- Part-
Q-51 - CH-2 - Usha +2 Book 2018 - Solution

Question 51 Chapter 2 of +2- Part-1

51. (P/L appropriation a/c, Partners capital & current accounts) A and B are partners sharing profits and losses equally. On 1.4.2017 the balance of their capital accounts were A- Rs50,000; B Rs.40,000. On that date, the balances of their current accounts were; A- Rs. 10,000 (Cr.) and B Rs.3,000 (Dr.) Interest @5% p.a. is to be allowed on the balances of capital accounts as on 1.4.2017. B is to get an annual salary of Rs.3,000 which had not been withdrawn. Drawings of A and B during the year were Rs.1,000 and Rs.2,000 respectively. The profit of the year ended 31.3.2018 before charging interest on capital but after charging B’s salary was Rs.70,000. It is decided to transfer 10% of the divisible profit to a Reserve account.
Prepare profit and loss appropriation account for the year ended 31.3.2018 and show the capital and current accounts of partners for the year.

The solution of Question 51 Chapter 2 of +2- Part-1: – 

Day - 47 | Questions of Partnership - I | Accounts class 12 | PSEB | Sarbjit Singh |
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Profit and Loss Account A/c
Particulars
 Amount Particulars
 Amount
To Interest on capital – A 2,500   By Net profit   70,000
-B 2,000 4,500 By partners salary written back   3,000
To Salaries – B   3,000      
To Reserve A/c – 10% of (73,000-4,500-3,000) 6,550      
           
To Net profit transferred to Capital a/c          
-A 29,475        
-B 29,475 58,950      
    73,000     73,000

 

Partners’ Capital Accounts
Particulars
 A B Particulars
 A B
To Balance b/d   – – By Balance B/d   50,000 40,000
To Balance c/d   50,000 40,000        
    50,000 40,000     50,000 40,000

 

Partners’ Current Accounts
Particulars
 A B Particulars
 A B
To balance b/d   – 3,000 By Balance B/d   10,000 –
To Drawings A/c   1,000 2,000 By Interest on Capital A/c   2,500 2,000
        By Salary   – 3,000
        By net profit   29,475 29,475
To Balance c/d   40,975 29,475        
    41,975 34,475     41,975 34,475

Question 51 Chapter 2 of +2- Part-1

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Question 11 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 26 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 27 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 31 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 34 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 39 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 40 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 41 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 42 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 43 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 46 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 47 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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

Question 51 Chapter 2 – USHA Publication 12 Class Part – 1

Question 52 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 53 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 54 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 55 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 56 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 57 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 58 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 59 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 60 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 61 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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)

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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

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