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

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

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Question 82 Chapter 2 of Class 12 Part – 1

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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
P5,000 [ Net profit after interest on Q’s Loan]  
Q4,0009,000By Interest on Drawings A/c:  
To Reserve Fund A/c (2,37,250×10/100) 23,725P600 
To Profit transferred to Partners’ Capital Account:  Q45`01,050
P1,70,820    
Q42,7052,13,525   
  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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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)

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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

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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

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