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Question 61 Chapter 2 of +2-Part-1
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61. (Capital ratio/ interest on capital) X and Y commenced business on 1st April,2016 with a capital of Rs.20,000 and Rs.10,000 respectively. They agreed to share profits and losses in the ratio of their capitals. You are required to distribute the profit for the year which was Rs.42,200:
| Capital Introduced | Capital Withdrawn | |||
| X | Y | X | Y | |
| 1st June | 5,000 | – | – | – |
| 1st Aug | – | 3,000 | 2,000 | – |
| 30th Nov | 6,000 | – | – | 5,000 |
| 31-Mar | – | 5,000 | 1,000 | – |
The solution of Question 61 Chapter 2 of +2 Part-1: –
| Calculation of Capital ratio: | |||||
| X | |||||
| Date | Capital Brought | Capital Withdrawn | Net Capital (A) | Months (B) | Product (C=A*B) |
| 1-4-16 | 20,000 | – | 20,000 | 2 | 40,000 |
| 1-6-16 | 5,000 | – | 25,000 | 2 | 50,000 |
| 1-8-16 | – | 2,000 | 23,000 | 4 | 92,000 |
| 30-11-16 | 6,000 | – | 29,000 | 4 | 1,16,000 |
| 31-3-17 | 1,000 | 28,000 | 0 | – | |
| 2,98,000 | |||||
| Calculation of Capital ratio: | |||||
| Y | |||||
| Date | Capital Brought | Capital Withdrawn | Net Capital (A) | Months (B) | Product (C=A*B) |
| 1-4-16 | 10,000 | – | 10,000 | 4 | 40,000 |
| 1-8-16 | 3,000 | – | 13,000 | 4 | 52,000 |
| 30-11-16 | – | 5,000 | 8,000 | 4 | 32,000 |
| 31-3-17 | 5,000 | – | 13,000 | 0 | – |
| 1,24,000 | |||||
Capital ratio : 298:124 or 149:62
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| X’s Share | = | 42,200 | X | 149 |
| 211 | ||||
| = | 29,800/- | |||
| Y’s Share | = | 42,200 | X | 62 |
| 211 | ||||
| = | 12,400/- | |||
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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)
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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)
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Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- 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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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication