# 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

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.

 Date Capital Introduced Capital Withdrawn Subash Vikas Subash Vikas 1st June, 2017 – 5,000 2,500 – 1st September, 2017 11,500 – – 2,000 1st December, 2017 – 3,000 2,000 – 1st February, 2018 – 1,500 500 –

## 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 months 20,000 Rs. 7,500 for 3 months 22,500 Rs. 19,000 for 3 months 57,000 Rs. 17,000 for 2 months 34,000 Rs. 16,500 for 2 months 33,000 1,66,500 Vikas ( utilization of capital of the firm) Product (Rs.) Rs. 5,000 for 2 months 10,000 Rs. 10,000 for 3 months 30,000 Rs. 8,000 for 3 months 24,000 Rs. 11,000 for 2 months 22,000 Rs. 12,000 for 2 months 25,000 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

Comment if you have any questions.

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)

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

Chapter No. 5 – Cash Flow Statement