Question 88 Chapter 2 of Class 12 Part - 1 VK Publication

Question 88 Chapter 2 of Class 12 Part – 1

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The solution of Question 88 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

88. Vikas and Vivek were partners in a firm sharing profits in the ratio of 3:2. On 1st Apr 2014 they admitted Vandana as a new partner for 1/8th share in the profits with guaranteed profit of Rs. 1,50,000. The new profit sharing ratio between Vivek and Vikas will remain the same but they decided to bear any deficiency on account of guarantee Vandana in the ratio 2: 3. The profit of the firm for the year ended 31st March, 2015 Rs. 29,00,000
Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31st March, 2015.

The solution of Question 88 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

For the year ended 31st March 2015

Particulars		Amount	Particular	Amount
To Partners’ Capital A/c:			By Profit and Loss A/c (Net Profit)	9,00,000
Vikas	4,72,500
Less: Deficiency	22,500	4,50,000
Vivek	3,15,000
Less: Deficiency	15,000	3,00,000
Vandana	1,12,500
Add: from Vikas	22,500
From Vivek	15,000	1,50,000
		9,00,000		9,00,000