# Question 76 Chapter 2 of Class 12 Part – 1 VK Publication

Question 76 Chapter 2 of Class 12 Part - 1 VK Publication

Question 76 Chapter 2 of Class 12 Part – 1

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

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

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)

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

Chapter No. 5 – Cash Flow Statement