Question 82 Chapter 2 of Class 12 Part - 1 VK Publication

Question 82 Chapter 2 of Class 12 Part – 1

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The solution of Question 82 Chapter 2 of Class 12 Part – 1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

82. P and Q are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st Ap 2017 the capitals of the partners were: P Rs. 1,00,000 and Q Rs. 80,000. You are prepare necessary ledger accounts to show the distribution of profit after taking into account the following information:
(i) Net profit of the firm on 31st March, 2018 was Rs. 2,50,000.
(ii) Interest on capital was allowed @5% per annum.
(iii) Q advanced Rs. 80,000 to the firm as loan. Allow interest on loan for the whole year.
(iv) Drawings of the partners were P Rs. 20,000 and Q Rs. 15,000.
(v) Firm charged interest on drawings as: P Rs. 600 and Q Rs. 450.
(vi) Transfer 10% of the distributable profit to Reserve Fund.

The solution of Question 82 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

Particulars		Amount	Particular		Amount
To Interest on Capital A/c:			By Profit and Loss A/c (2,50,000 4,800)		2,45200
P	5,000		[ Net profit after interest on Q’s Loan]
Q	4,000	9,000	By Interest on Drawings A/c:
To Reserve Fund A/c (2,37,250×10/100)		23,725	P	600
To Profit transferred to Partners’ Capital Account:			Q	45`0	1,050
P	1,70,820
Q	42,705	2,13,525
		2,46,250			2,46,250

Working Notes:
1. Calculation of Reserve Funde
Distributable Profit = 2,45,200+1,050-9,000 = Rs. 2,37,250
Reserve Fund = 2,37,250 ×10/100= Rs. 2,37,25

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