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Question 78 Chapter 2 of Class 12 Part – 1 VK Publication

Question 78 Chapter 2 of Class 12 Part - 1 VK Publication
Question 78 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 78 Chapter 2 of Class 12 Part – 1

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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 Account49,500 By Interest on Drawings A/c  
M’s Current Account54,000 L’s Current Account1,440 
N’s Current Account58,5001,62,000M’s Current Account2,160 
To Profit Transferred To Capital A/C’s  N’s Current Account2,8806,480
L2,896    
M4,344    
N7,24014,480   
  1,76,480  1,76,480

Profit and Loss Appreciation Account

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For the year ended on 31st March 2017

DateParticulars 

L Rs. 

M Rs.

N Rs.

Particular

L Rs. M Rs.N Rs.
2016
July 1
To Bank A/C  2,00,000By Balance b/d4,00,0006,00,0006,00,000
2017
Mar. 31
To Balance c/d6,00,0006,00,0006,00,000By Bank A/c2,00,000  
  6,00,0006,00,0008,00,000 6,00,0006,00,0008,00,000

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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)

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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)

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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

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Chapter No. 5 – Cash Flow Statement

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

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