Question 6 Chapter 2 – Unimax Class 12 Part 1 – 2021

Question 6 Chapter 2 – Unimax Class 12 Part 1

6. P and Q are partners sharing Profits and Losses in the ratio of 3:2 with their capitals on 1st January, 2021 as Rs. 300000 and Rs. 100000 respectively. Interest on Capital is allowed @ 5% per annum. Q is allowed an annual Salary of Rs. 3000 which he has not withdrawn. During 2021, the profit prior to calculation of interest but after charging Q’s salary amounted to Rs. 45000. Prepare Profit and Loss Appropriation Account showing allocation of profits.

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

Profit & Loss Appropriation Account For the year ended Dec. 31, 2006.

https://tutorstips.com/not-for-profit-organisations/

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis 
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement

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