# Question 58 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-58 - CH-2 - Usha +2 Book 2018 - Solution

Question 58 Chapter 2 of +2-Part-1

58. (Profit and loss appropriation a/c, capital account & current accounts) From the following information, prepare:
1. The profit and loss appropriation account of P,Q and R for the year ended 31.12.15.
2.The capital and current accounts of P,Q and R are:

 Partners Capital(1.1.15) Current (1.1.2015) Drawings (31.12.15) P 6,000 2,000 (Cr.) 4,000 Q 10,000 1,000 (Cr.) 4,800 R 16,000 1,000 (Cr.) 4,800
1. Interest is credited @ 6% p.a. on capital and is charged on drawings at the same rate. Interest is neither credited nor charged on the balance of current accounts.
2. Each partner took at the end of each quarter % of his drawings.
3. P and Q were to be credited with salaries of Rs.2,400 and Rs.1,600 p.a. respectively.
4. On 1.7.2015, P paid in additional Rs.2,000 as capital and R withdrew Rs.2,000 from the capital.
5. The net profit before charging interest on capital and partners’ salaries and before interest on drawings had been credited was Rs.19,600.
6. Profit and loss shared among P, Q and R were 5:4:3 respectively.

## The solution of Question 58 Chapter 2 of +2 Part-1: –

Day - 48 | Questions of Partnership - I | Accounts class 12 | PSEB | Sarbjit Singh |

 Profit and Loss A/c Particulars Amount Particulars Amount To Interest on capital – P 420 By net profit 19,600 -Q 600 By interest on drawings: -R 900 1,920 – P 90 To Salary- P 2,400 – Q 108 – Q 1,600 4,000 – R 108 306 To Net profit transferred to Capital a/cs -P 5,828 -Q 4,662 -R 3,496 13,986 19,906 19,906

 Partners’ Capital A/c Particulars P Q R Particulars P Q R To bank a/c – – 2,000 By Balance B/d 6,000 10,000 16,000 To Balance c/d 8,000 10,000 14,000 8,000 10,000 16,000 8,000 10,000 16,000

 Partners’ Current Account Particulars P Q R Particulars P Q R To Drawings A/c 1,000 1,200 1,200 By Interest on Capital A/c 2,000 1,000 1,000 To Drawings A/c 1,000 1,200 1,200 By Interest on Capital A/c 420 600 900 To Drawings A/c 1,000 1,200 1,200 By salary 2,400 1,600 – To Drawings A/c 1,000 1,200 1,200 By net profit 5,828 4,662 3,496 To int. on Drawings A/c 90 108 108 To Balance c/d 6,558 2,954 488 10,648 7,862 5,396 10,648 7,862 5,396

Working Note: –

1. Interest on capital:

 Interest on capital for = 6% on 6,000 + 6% on 2,000 for 6 months. = 360+ 60 = Rs.420 Interest on capital for R = 6% on 16,000 for 6 months + 6% on 14,000 for 6 months = 480+ 420 = Rs900

2. Interest on drawings:

 Interest on drawings for P = 6% on 1,000 for 9 months + 6% on 1,000 for 6 months + 6% on 1,000 for 3 months = 45+ 30 +15 = Rs.90 Interest on drawings for Q and R = 6% on 1,200 for 9 months + 6% on 1,200 for 6 months + 6% on 1,200 for 3 months = 54+ 36 +18 = Rs.108 each

Comment if you have any questions.

End of Solution

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### Question 62 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication