Question 54 Chapter 2 of +2-Part-1
54. (Profit and loss appropriation a/c, Partners Capital and Current a/c) R, S and T are partners sharing profits and losses in proportion to their capitals in the beginning of the year. They are entitled to draw annually Rs.3,000, Rs.2,500 and Rs.2,000 respectively as out of their anticipated share of profits.
Any drawings in excess of these amounts are to be regarded as advances taken from the firm and are to be subject to interest @18% p.a. the capital in the beginning of the year is to be allowed interest @ 15% p.a.
The capitals of the partners in the beginning of the year were R- Rs. 40,000; S- Rs.30,000 and T- Rs. 20,000. The credit balances of their current accounts were as R- Rs.1,152, S- Rs.1,864 and T- Rs.576
Their drawings during the year were as R- Rs.7,000; S-Rs. 9,500 and T- Rs.3,000. The profit for the year was Rs.30,420 before making any adjustment for interest as above.
Draw up the Profit and Loss appropriation account, Capital and Current accounts of the partners for the year ended 31st March 2018.
The solution of Question 54 Chapter 2 of +2 Part-1: –
| Profit and Loss App. A/c |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Interest on capital – R | 6,000 | By net profit | 30,420 | ||
| -S | 4,500 | By Interest on drawings – | |||
| -T | 3,000 | 13,500 | R on Rs.4,000(7,000-3,000) | 360 | |
| S on Rs.7,000(9,500-2,500) | 630 | ||||
| T on Rs.1,000(3,000-2,000) | 90 | 1,080 | |||
| To Net profit transferred to Capital a/cs | |||||
| -R- 4/9 | 8,000 | ||||
| -S-3/9 | 6,000 | ||||
| -T-2/9 | 4,000 | 18,000 | |||
| 31,500 | 31,500 | ||||
| Partners’ Capital A/cs |
|||||||||
| Particulars |
R | S | T | Particulars |
R | S | T | ||
| By Balance B/d | 40,000 | 30,000 | 20,000 | ||||||
| To Balance c/d | 40,000 | 30,000 | 20,000 | ||||||
| 40,000 | 30,000 | 20,000 | 40,000 | 30,000 | 20,000 | ||||
| Partners’ Current A/cs | |||||||||
| Particulars |
R | S | T | Particulars |
R | S | T | ||
| To Drawings A/c | 7,000 | 9,500 | 3,000 | By Balance B/d | 1,152 | 1,864 | 576 | ||
| To interest on Drawings A/c | 360 | 630 | 90 | By Interest on Capital A/c | 6,000 | 4,500 | 3,000 | ||
| By net profit | 8,000 | 6,000 | 4,000 | ||||||
| To Balance c/d | 7,792 | 2,234 | 4,486 | ||||||
| 15,152 | 12,364 | 7,576 | 15,152 | 12,364 | 7,576 | ||||
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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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- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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