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

Q-53 - CH-2 - Usha +2 Book 2018 - Solution

Question 53 Chapter 2 of +2-Part-1

53. (Profit and loss appropriation a/c) Ted, Phil and Gordon are in partnership sharing profits two-fifths, two fifths and one-fifth and throughout the half-year ended 31st December 2017 their capital accounts have remained unchanged at Rs.60,000, Rs.40,000 and Rs.30,000 respectively.
Their current account balances on 1st July 2017 were:

 Phil 8,550 (Dr.) Gordon 6,550 (Dr.) Ted 12,000 (Cr.)

During 2017 Ted withdrew Rs.200 at the beginning of each month, Gordon withdrew Rs.400 at the end of each month while Phil withdrew Rs.1,800 during the period of six months.

Their partnership deed provides that:
1. Partners are allowed interest on capital @5% p.a.
2. Partners are allowed or charged interest on current account balance @4% p.a.
3. Interest on drawings @6% p.a.
4. Gordon is entitled to a salary of Rs.500 per month.
5. Ted is entitled to a commission of 5% of the profits of the firm after charging clauses 1 to 4.
6. Phil is entitled to a commission of 5% of the profits of the firm after charging clauses 1 to 5 and his own commission.
During the half-year ended 2017, the net profit of the firm was Rs.2,07,000 after charging Gordon’s Salary which had been debited to wages and salaries account.
You are required to prepare the profit and loss appropriation account of the firm only.

## The solution of Question 53 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 – Ted 1,500 By net profit 2,07,000 -Phil 1,000 Add: Gordon’s Salary 3,000 2,10,000 -Gordon 750 3250 By Interest on drawings (WN1) To Interest on current a/c – Ted 21 -Ted (12,000*4%*6/12) 240 -Phil 27 To Gordon Salary 3,000 -Gordon 30 78 To Commission to Ted (WN2) 10,195 By interest on current accounts: To Commission to Phil (WN2) 9,224 -Phil (8,550*4%*6/12) 171 To Profit: -Gordon (6,550*4%*6/12) 131 -Ted 73,788 – Phil 73,788 -Gordon 36,895 1,84,471 2,10,380 2,10,380

Working Note: –

1. Calculation of Interest on Drawings :

 Ted : 200 X 6 =1200 X 3 ½ X 6% X 1/12 21 Gordon : 400 X 6 =2400 X 2 ½ X 6% X 1/12 30 Phil: 1800 X 6% X 3/12 27

2. Commission:

 Ted’s Commission = 5% of profits after charging clauses (A) to (D) = 5% of ( 2,10,380-3,000-3,250-240) = 5% of 2,03,890 = Rs. 10,195 Phil’s Commission = 5% of profits after charging his own commission & clauses (1) to (5) = 5/(100+5) of ( 2,10,380-3,000-3,250-240-10,195) = 5/105 of 1,93,695 = Rs. 9,225

Comment if you have any questions.

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