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Question 54 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 54 Chapter 2 of +2- Part-
Q-54 - CH-2 - Usha +2 Book 2018 - Solution

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Question 54 Chapter 2 of +2-Part-1

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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
AmountParticulars
Amount
To Interest on capital – R6,000 By net profit 30,420
-S4,500 By Interest on drawings –  
-T3,00013,500R 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)901,080
To Net profit transferred to Capital a/cs     
-R- 4/98,000    
-S-3/96,000    
-T-2/94,00018,000   
  31,500  31,500

 

Partners’ Capital A/cs
Particulars
RSTParticulars
RST
     By Balance B/d 40,00030,00020,000
To Balance c/d  40,00030,00020,000     
  40,00030,00020,000  40,00030,00020,000

 

Partners’ Current A/cs
Particulars
RSTParticulars
RST
To Drawings A/c 7,0009,5003,000By Balance B/d 1,1521,864576
To interest on Drawings A/c 36063090By Interest on Capital A/c 6,0004,5003,000
     By net profit 8,0006,0004,000
To Balance c/d  7,7922,2344,486     
  15,15212,3647,576  15,15212,3647,576

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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