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Question 6 Chapter 2 of Class 12 Part – 1 VK Publication

Question 6 Chapter 2 of Class 12 Part - 1 VK Publication
Question 6 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 6 Chapter 2 of Class 12 Part – 1

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6. Kunal and Pawan were partners in a firm sharing profits in 4:3 ratio. Their capitals on 1.4.2017 were: Kunal Rs. 1,12,000 and Pawan Rs. 84,000. The partnership deed provided as follows:
(i) Interest on capital and drawings will be allowed and charged @ 12% pa and 10% pa. respectively.
(ii) Kunal and Pawan will be entitled to get monthly salary of Rs. 2,800 and Rs. 4,200 respectively.
The profits for the year ended 31.3.2018 were Rs. 1,40,420. The drawings of Kunal and Pawan were Rs. 56,000 and Rs. 70,000 respectively. Interest on Kunal’s drawings was Rs. 2,800 and Pawan’s drawings Rs. 3,500.
Prepare Profit and Loss Appropriation Account of Kunal and Pawan for the year ended 31.3.2018 assuming that the capitals of the partners were fluctuating.

The solution of Question 6 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

(For the year ended 31st March, 2018)

Particulars 
 
AmountParticulars  Amount
To Interest on Capital A/c:  By Net Profit 1,40,420
Kunal13,440    
Pawan10,08023,520By Interest on Drawings  
To Partner’s Salary A/C  Kunal2,800 
Kunal33,600 Pawan3,5006,300
Pawan50,40084,000   
To Profit Transferred To Capital A/C’s     
Kunal22,400    
Pawan16,80039,200   
  1,46,720  1,46,720

 

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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)

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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)

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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

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

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

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