Question 86 Chapter 2 of Class 12 Part – 1
86. A, B and C were partners in a firm sharing profits in the ratio of 2:3:5. A was guaranteed a minimum profit of Rs. 1,00,000. Any deficiency on this account was to borne by C. The net profit of the firm for the year ended 31st March, 2018 was Rs. 4,50,000. Prepare the Profit and Loss Appropriation Account of A, B and C for the year ended 31st March, 2018.
The solution of Question 86 Chapter 2 of Class 12 Part – 1: –
Profit and Loss Appreciation Account
For the year ended 31st March 2015
| Particulars |
|
Amount |
Particular |
Amount |
| To Profit transferred to Partners’ Capital A/c: | By Profit b/d | 4,50,000 | ||
| A | 90,000 | |||
| Add: from C | 10,000 | 1,00,000 | ||
| B | 1,35,000 | |||
| C | 2,25,000 | |||
| Less: Deficiency of A | 10,000 | 2,15,000 | ||
| 4,50,000 | 4,50,000 |
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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)
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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)
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
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Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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