Question 88 Chapter 2 of Class 12 Part – 1
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 |
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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)
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Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
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
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Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
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