# Question 53 Chapter 2 of Class 12 Part – 1 VK Publication

Question 53 Chapter 2 of Class 12 Part - 1 VK Publication

Question 53 Chapter 2 of Class 12 Part – 1

53. Deepa and Akshay are partners in a firm sharing profits and losses in the ratio of 2: 1. Their capital accounts as on 1st April, 2017 stand at Rs. 70,000 and Rs. 30,000 respectively. The partners are allowed interest on capital @10% p.a. The drawings of the partners during the year ended 31st March, 2018 amounted to Rs. 4,800 and Rs. 3,600 respectively. Interest is charged on drawings at the rate of 10% p.a.
Deepa has given a loan to firm as on 1st November, 2017 of Rs.20,000.
The profit of the firm before above adjustments was Rs. 80,000. 10% of this profit is to be kept in a Reserve Account.
Current Account balances on 1st April, 2017 were Deepa Rs. 5,000 (Cr.); Akshay Rs. 23,000 (Dr)
Prepare Profit and Loss Appropriation Account and Partners’ Current Accounts.

## The solution of Question 53 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

(For the year ended 31st March, 2018)

 Particulars Amount Particulars Amount To Interest on Capital A/c: By Profit and Loss A/c (80,000-500) 79,500 Deepa 7,000 By Interest on Drawings Akshay 3,000 1,0000 Deepa 240 To Reserve A/C’s 8,000 Akshay 180 420 To Profit Transferred To Capital A/C’s Deepa 41,280 Akshay 20,640 61,920 79,920 79,920

Partner’s Capital Account

 Particulars Deepa Rs. Akshay Rs. Particulars Deepa Rs. Akshay Rs. To Balance b/d – 23,000 By Balance b/d 5,000 – To Interest on Drawings 240 180 By Interest on Capital 7,00 3,000 To Drawings Account 4,800 3,600 By P & L App. A/c 41,820 20,640 To Balance c/d 48,240 – By Balance c/d – 3,140 53,280 26,780 53,280 26,780

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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

Chapter No. 4 – Ratio Analysis