Question 78 Chapter 2 of Class 12 Part – 1
78. L, M and N are partners in a firm sharing profits and losses in the ratio of 2:3:5. On April 1, 2016 their fixed capitals were Rs. 4,00,000, Rs. 6,00,000 and Rs. 8,00,000 respectively.
Their partnership deed provided for the following:
(i) Interest on capital @9% per annum, (ii) Interest on Drawings @ 12% per annum, (iii) Interest on Partners’ Loan @ 12% per annum.
On July 1, 2016, L brought Rs. 2,00,000 as additional capital and N withdrew Rs. 2,00,000 from his capital. During the year L, M and N withdrew Rs. 24,000, Rs. 36,000 and Rs. 48,000 respectively for their personal use. On January 1, 2017 the firm obtained a Loan of Rs. 3,00,000 from M. The Net profit of the firm for the year ended March 31, 2017 after charging interest on M’s Loan was Rs. 1,70,000.
Prepare Profit & Loss Appropriation Account and Partners’ Capital Accounts.
The solution of Question 78 Chapter 2 of Class 12 Part – 1: –
Profit and Loss Appreciation Account
For the year ended on 31st March 2017
| Particulars |
|
Amount |
Particular |
Amount | |
| To Interest On Capital A/C: | By Profit And Loss A/C | 1,70,000 | |||
| L’s Current Account | 49,500 | By Interest on Drawings A/c | |||
| M’s Current Account | 54,000 | L’s Current Account | 1,440 | ||
| N’s Current Account | 58,500 | 1,62,000 | M’s Current Account | 2,160 | |
| To Profit Transferred To Capital A/C’s | N’s Current Account | 2,880 | 6,480 | ||
| L | 2,896 | ||||
| M | 4,344 | ||||
| N | 7,240 | 14,480 | |||
| 1,76,480 | 1,76,480 |
Profit and Loss Appreciation Account
For the year ended on 31st March 2017
| Date | Particulars |
L Rs. |
M Rs. |
N Rs. |
Particular |
L Rs. | M Rs. | N Rs. |
| 2016 July 1 |
To Bank A/C | 2,00,000 | By Balance b/d | 4,00,000 | 6,00,000 | 6,00,000 | ||
| 2017 Mar. 31 |
To Balance c/d | 6,00,000 | 6,00,000 | 6,00,000 | By Bank A/c | 2,00,000 | ||
| 6,00,000 | 6,00,000 | 8,00,000 | 6,00,000 | 6,00,000 | 8,00,000 |
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Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
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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
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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
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