Advertisement
Question 54 Chapter 2 of +2-Part-1
Advertisement
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 | ||||
Advertisement-X
| 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 | ||||
Thanks, Please Like and share with your friends
Comment if you have any questions.
End of Solution
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.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
End of Post
Advertisement-X
Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
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)
Advertisement-X
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- 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)
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
Advertisement-X
Advertisement-Y
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication