Question 61 Chapter 2 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 61 Chapter 2 of +2- Part-

Question 61 Chapter 2 of +2-Part-1

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  Capital Introduced Capital Withdrawn 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Withdrawn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Withdrawn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

Working Note: –

1. Interest on capital:

X = 42,200 X 149
        211
  = 29,800/-    
         

 

Y = 42,200 X 62
        211
  = 12,400/-    
         



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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • Chapter No. 8 – Company Accounts (Share Capital)
  • Chapter No. 9 – Company Accounts (Issue of Debentures)
  • 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 (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

 

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

2 Book 1 min - Question 61 Chapter 2 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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