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Question 76 Chapter 2 of Class 12 Part – 1
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76. X and Y are partners sharing profits and losses in the ratio of 2:3 with capitals of Rs. 2,00,000 and Rs. 3,00,000 respectively. On 1st October, 2017 X and Y granted loans of Rs. 80,000 and Rs. 40,000 respectively to the firm. Show the distribution of profits/losses for the year ending March 31, 2018 in each of the following alternative cases:
Case 1. If the profits before any interest for the year amounted to Rs. 21,000.
Case 2. If the profits before any interest for the year amounted to Rs. 3,000.
Case 3. If the profits before any interest for the year amounted to Rs. 5,000.
The solution of Question 76 Chapter 2 of Class 12 Part – 1: –
Profit and Loss Account
For the year ended 31st March 2018
| Particulars |
| Amount | Particular | Amount |
| To Interest on Partners’ Loan A/C: | By Profit b/d | 21,000 | ||
| X | 2,400 | |||
| Y | 1,200 | 3,600 | ||
| To Profit and Loss App. A/C: | 17,400 | |||
| 21,000 | 21,000 |
Profit and Loss Appreciation Account
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For the year ended 31st March 2018
| Particulars |
| Amount | Particular | Amount |
| To Profit Transferred to Partners’ Capital A/C: | By Profit And Loss A/C | 17,400 | ||
| X | 6,960 | |||
| Y | 10,440 | 17,400 | ||
| 17,400 | 17,400 |
Case (ii)
Profit and Loss Account
For the year ended 31st March 2018
| Particulars |
| Amount | Particular | Amount | |
| To Interest on Partners’ Loan A/C: | By Profit And Loss A/C | 3,000 | |||
| X | 2,400 | By Loss Transferred to Partners’ Capital A/C: | |||
| Y | 1,200 | 3,600 | X | 240 | |
| Y | 360 | 600 | |||
| 3,600 | 3,600 |
Case (iii)
Profit and Loss Account
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For the year ended 31st March 2018
| Particulars |
| Amount | Particular | Amount |
| To Interest on Partners’ Loan A/C: | By Profit b/d | 5,000 | ||
| X | 2,400 | |||
| Y | 1,200 | 3,600 | ||
| To Profit and Loss App. A/C: | 1,400 | |||
| 5,000 | 5,000 |
Profit and Loss Appreciation Account
For the year ended 31st March 2018
| Particulars |
| Amount | Particular | Amount |
| To Profit Transferred to Partners’ Capital A/C: | By Profit And Loss A/C | 1,400 | ||
| X | 560 | |||
| Y | 840 | 1,400 | ||
| 1,400 | 1,400 |
Working Notes:
1. Calculation of Interest in all cases:
Interest on X’s Loan For six months = 80,000 ×6/100×6/12 = Rs. 2,400
Interest on Y’s Loan For six months = 40,000 ×6/100×6/12 = Rs. 1,200
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Also, Check out the solved question of all Chapters: –
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)
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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
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Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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