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| Date | Capital Introduced | Capital Withdrawn | ||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
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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)
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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
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Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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