Advertisement

Question 79 Chapter 2 of Class 12 Part – 1 VK Publication

Question 79 Chapter 2 of Class 12 Part - 1 VK Publication
Question 79 Chapter 2 of Class 12 Part - 1 VK Publication

Advertisement

Question 79 Chapter 2 of Class 12 Part – 1

Advertisement

79. Shankar and Jaikishan are partners with a capital of Rs.40,000 and Rs. 20,000 on which they agree to allow interest @6% p.a. Their respective share of profit is 2:3. The profits prior to interest for the year are Rs. 3,000. Calculate interest on capital and show Profit and Loss Appropriation Account when (a) interest on capital is not a charge on profits (b) interest on capital is a charge on profits.

The solution of Question 79 Chapter 2 of Class 12 Part – 1: –

Case (a)

Profit and Loss Appreciation Account

Particulars 

 

Amount

Particular

Amount
To Interest On Capital A/C:  By Profit And Loss A/C3,000
Shankar2,000   
Jaikishan1,0003,000  
  3,000 3,000

Advertisement-X

Case (b)

Profit and Loss Appreciation Account

Particulars 

 

Amount

Particular

 Amount
To Interest On Capital A/C:  By Profit And Loss A/C 3,000
Shankar2,400 By Loss transferred to Capital A/c:  
Jaikishan1,2003,600Shankar240 
   Jaikishan360600
  3,600  3,600

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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

Advertisement-X

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)

Advertisement-X

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

Advertisement-X

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Advertisement

Advertisement

error: Content is protected !!