Question 57 Chapter 2 of +2-Part-1
57. (Profit and loss appropriation a/c)X, Y and Z are in partnership with capital of Rs.1,20,000(credit), Rs.1,00,000 (credit) and Rs.8,000 (debit) respectively on1st April,2018. Their partnership deed provided the following:
1. Partners are to be only allowed interest on capital @5% p.a. and are to be charged interest on drawings @6%p.a.
2. X is entitled to a remuneration of 10% of the net profit for securing contacts with customers.
3. Y is also entitled to a commission of 10% of the net profit after charging the above clauses.
4. Z is also entitled to rent of Rs.1,000 per month for the use of premises by the firm.
During the year, X withdrew R.200 at the beginning of every month. Y Rs.300 during the month and Z Rs.400 at the end of every month.
The net profit of the firm for the year ended 31st March 2019 before providing for any of the above clauses was Rs.1,11,000.
From the above, you are required to draft only the Profit and Loss Appropriation Account for the year ended 31st March 2019.
The solution of Question 57 Chapter 2 of +2 Part-1: –
| Profit and Loss Account A/c |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Interest on capital – X | 6,000 | By net profit | 1,11,000 | ||
| -Y | 5,000 | 11,000 | By Interest on capital – Z | 400 | |
| To Z’s rent | 12,000 | By interest on drawings: | |||
| To Remuneration to X | 8,872 | – X | 78 | ||
| To Remuneration to Y | 7,985 | – Y | 108 | ||
| – Z | 132 | 318 | |||
| To Net profit transferred to Capital a/cs | |||||
| – X | 23,954 | ||||
| – Y | 23,954 | ||||
| – Z |
23,953 |
71,861 |
|||
| 1,11,718 | 1,11,718 | ||||
Working Note: –
1. Calculation of Interest on Drawings :
| X : Rs.2400*6% *6.5/12 | = | 78 |
| Y: Rs.3,600*6%*6/12 | = | 108 |
| Z : Rs.4800*6% *5.5/12 | = | 132 |
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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)
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)
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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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- 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)
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