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

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 B is to get an annual salary of Rs.3,000 which had not been withdrawn.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 |

 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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## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Introduction) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

### 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