Advertisement

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

Question 62 Chapter 2 of +2- Part-
Q-62 - CH-2 - Usha +2 Book 2018 - Solution

Advertisement

Question 62 Chapter 2 of +2-Part-1

Advertisement

62. (Capital ratio) Honest and Sincere are partners in a firm., having total capital of Rs.80,000 of which Rs.50,000 is of Honest and balance is of Sincere on 1st April 2017. As per the partnership deed they are to share profits in capital ratio. Honest brought in additional capital of Rs.15,000 and Rs.20,000 on 1st September 2017 and on 1st Jan.2018, respectively. Sincere introduced Rs.5,000 and Rs.6,000 on 1st December 2017 and 31st March 2018 respectively. Calculate capital ration. The profit for the year ended 31st March 2018 was Rs.68,700.

The solution of Question 62 Chapter 2 of +2 Part-1: – 

Calculation of Capital ratio:
Honest
Date
Capital
(A)
Months
(B)
Actual Capital Employed
(C=A*B)
1-4-1750,00052,50,000
1-9-1765,00042,60,000
1-12-17
1-1-1885,00032,55,000
31-3-180
    
   7,65,000

 

Calculation of Capital ratio:
Sincere
Date
Capital
(A)
Months
(B)
Actual Capital Employed
(C=A*B)
1-4-1730,00082,40,000
1-9-17
1-12-1735,00041,40,000
1-1-18
31-3-1861,0000
    
   3,80,000

 Capital ratio : 7,65,000: 3,80,000 or 765:380 or 153:76

Advertisement-X

Working Note: –

1. Interest on capital:

Honest=68,700X153
    229
 =45,900/-  
     

 

Sincere=68,700X76
    229
 =22,800/-  
     

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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

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

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

Advertisement-X

 

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

Advertisement

Advertisement

error: Content is protected !!