Advertisement

Question 81 Chapter 2 of Class 12 Part – 1 VK Publication

Question 81 Chapter 2 of Class 12 Part - 1 VK Publication
Question 81 Chapter 2 of Class 12 Part - 1 VK Publication

Advertisement

Question 81 Chapter 2 of Class 12 Part – 1

Advertisement

81. B, P and L are partners in a firm with capitals of Rs. 70,000; Rs. 60,000 and Rs. 50,000 respectively as on 1st April, 2017. The partnership deed provides that:
(i) Partners are entitled to interest on their capitals @ 10% p.a. (ii) B is to get a salary Rs. 1,000 p.m. (iii) P and L. to get 5% commission each on the net profit.
The drawings of the partners are B Rs. 10,000; P Rs. 10,000 and L Rs.25,000. Firm charged interest on drawings as B Rs. 600; P Rs. 600 and L Rs. 300.
The net profit of the firm for the year ended 31st March, 2018 amounts to Rs. 80,000. Profits and losses shall be shared as under:
(i) up to Rs. 36,000 in the ratio 4:3:2. (ii) above Rs. 36,000 in equal ratio.
Prepare Profit and Loss Appropriation Account and Capital Accounts of the partners when (i) capitals are fixed and (ii) capitals are fluctuating.

The solution of Question 81 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 80,000
B7,000 By Interest on Drawings A/c  
P6,000 B600 
L5,00018,000P600 
To B’s Salary A/C 12,000L3001,500
TO Partner’s Commission A/c     
P4,000    
L4,0008,000   
To Profit Transferred To Capital A/C’s     
B18,500    
P14,500    
L10,50043,500   
  81,500  81,500

(i) Fixed Capitals Accounts:

Advertisement-X

Partner’s Capital Account

Particulars 

B Rs. 

P Rs.

L Rs.

Particular

B Rs. P Rs.L Rs.
To Balance c/d70,00060,00050,000By Balance b/d70,00060,00050,000
 70,00060,00050,000 70,00060,00050,000

Partner’s Capital Account

Particulars 

B Rs. 

P Rs.

L Rs.

Particular

B Rs. P Rs.L Rs.
To Drawings Account10,00010,0005,000By Interest on Capital A/c7,0006,0005,000
To Interest on Drawings A/c600600300By B’s Salary A/C12,000
To Balance c/d26,90013,90014,200By Commission A/C4,0004,000
    By P & L App. A/c18,50014,50010,500
 37,50024,50019,500 37,50024,50019,500

 (ii) Fluctuating Capitals Accounts:

Partner’s Capital Account

Particulars 

B Rs. 

P Rs.

L Rs.

Particular

B Rs. P Rs.L Rs.
To Drawings Account10,00010,0005,000By Balance b/d70,00060,00050,000
To Interest on Drawings A/c600600300By Interest on Capital A/c7,0006,0005,000
To Balance c/d96,90073,90064,200By B’s Salary A/C12,000
    By Commission A/C4,0004,000
    By P & L App. A/c18,50014,50010,500
 1,07,50084,50069,500 1,07,50044,50069,500

Working Notes:

Distribution of Profits :B
Rs.
P
Rs.
L
Rs.
    
(I) Upto Rs. 36,000 in the ratio 4:3:216,00012,0008,000
(ii) Above Rs. 36,000 in the equal ratio ( Rs. 7,500 in the ratio 1:1:1)2,5002,5002,500
 18,50014,50010,500

Thanks, Please Like and share with your friends  

Advertisement-X

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

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)

Advertisement-X

Advertisement-Y

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

Advertisement-X

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

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 !!