# Question 65 Chapter 2 of Class 12 Part – 1 VK Publication

Question 65 Chapter 2 of Class 12 Part - 1 VK Publication

Question 65 Chapter 2 of Class 12 Part – 1

65. X, Y and Z are partners in a firm and their partnership deed did not provide for interest on capital which was wrongly credited at 12% p.a. on their fixed capitals of Rs 1,00,000, Rs. 1,20,000 and Rs. 1,50,000 respectively for the past three years during which the partners X,Y and Z shared profits in the ratio of 1:1:2; 3:2:1 and 1:3:1. Pass the necessary adjusting entry.

## The solution of Question 65 Chapter 2 of Class 12 Part – 1: –

 Particulars X Rs. Y Rs. Z Rs. Total Rs. Interest allowed on Capitals @ 12% p.a. (dr.) For the 1st year 12,000 14,000 18,000 44,000 For the 2nd year 12,000 14,000 18,000 44,000 For the 3rd year 12,000 14,000 18,000 44,000 (A) (Dr.) 36,000 (Dr.) 43,200 (Dr.) 54,000 1,33,200 Division of firm’s profits will be as under . (Cr.) For the 1st year in the ratio 1:1:2 11,100 11,100 22,200 44,400 For the 2nd year in the ratio 3:2:1 22,200 14,800 7,400 44,400 For the 3rd year in the ratio 1:3:1 8,880 26,640 8,880 44,400 (B) (Cr.) 42,180 (Cr.) 52,540 (Cr.) 38,480 1,33,200 Net Effect (A-B) (Cr.) 6,180 ( Cr.) 9,340 (Dr.) 15,520 NIL

 Date Particular L . F Dr. ₹ Cr. ₹ Z’s Current A/c Dr. 15,520 To X’s Current A/c 6,180 To Y’s Current A/c 9,340 (Being excess interest on capital provided , now rectified)

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## 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)

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)

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