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Question 83 Chapter 2 of Class 12 Part – 1 VK Publication

Question 83 Chapter 2 of Class 12 Part - 1 VK Publication
Question 83 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 83 Chapter 2 of Class 12 Part – 1

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83. P, Q and R are partners with Fixed Capitals of Rs. 1,00,000; Rs. 2,00,000 and Rs. 3,000 respectively. Their partnership deed provides that:
(a) P is to be allowed a monthly salary of Rs. 600 and Q is to be allowed a monthly salary of Rs. 400.
(b) R will be allowed a commission of 5% of the net profit after allowing salaries of P and Q.
(c) Interest is to be allowed on capitals @6%.
(d) Interest will be charged on partner’s annual drawings at 4%.
(e) The annual drawings were: Q Rs. 10,000 and R Rs. 15,000.
The net profit for the year ending 31st March, 2018 amounted to Rs. 1,20,000
Prepare Profit and Loss Appropriation Account.

The solution of Question 83 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

Particulars 

 

Amount

Particular

 Amount
To P’s Salary A/c(600×12) 7,200By Profit and Loss A/c 1,72,000
To Q’s Salary A/c(400×12) 4,800By Interest on Drawings A/c:  
To R’s Commission A/c 8,000Q400 
To Interest on Capital A/c:  R6001,000
P6,000    
Q12,000    
R18,00036,000   
To Net Profit transferred to:     
P39,000    
Q39,000    
R39,0001,17,000   
  1,73,000  1,73,000

Note: Interest on Drawings will be calculated for the whole year @4% without taking into account the time period 

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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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