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Question 54 Chapter 2 of Class 12 Part – 1 VK Publication

Question 54 Chapter 2 of Class 12 Part - 1 VK Publication
Question 54 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 54 Chapter 2 of Class 12 Part – 1

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54. Subhash and Vikas started a partnership firm on 1st April, 2017 with capitals of Rs. 10,000 and Rs. 5,000 respectively. They agree to share profits in capital ratio and closed their accounts on 31st March, 2018. Calculate their capital ratio and interest on capital @ 5% p.a.

DateCapital IntroducedCapital Withdrawn
 SubashVikasSubashVikas
1st June, 20175,0002,500
1st September, 201711,5002,000
1st December, 20173,0002,000
1st February, 20181,500500

The solution of Question 54 Chapter 2 of Class 12 Part – 1: –

Calculation of Capital Ratio:

Subash ( utilization of capital of the firm)Product (Rs.)
Rs. 10,000 for 2 months20,000
Rs. 7,500 for 3 months22,500
Rs. 19,000 for 3 months57,000
Rs. 17,000 for 2 months34,000
Rs. 16,500 for 2 months33,000
 1,66,500
Vikas ( utilization of capital of the firm)Product (Rs.)
Rs. 5,000 for 2 months10,000
Rs. 10,000 for 3 months30,000
Rs. 8,000 for 3 months24,000
Rs. 11,000 for 2 months22,000
Rs. 12,000 for 2 months25,000
 1,11,000

Capital Ratio od Subash and Vikas = 1,66,500:1,11,000
= 3:2
Interest on Capital:
Subash= 1,66,500 ×5/100×1/12 = Rs. 694
Vikas= 1,11,000 ×5/100×1/12 = Rs. 463

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

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)

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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)

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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

Chapter No. 5 – Cash Flow Statement

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

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

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