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Question 89 Chapter 2 of Class 12 Part – 1 VK Publication

Question 89 Chapter 2 of Class 12 Part - 1 VK Publication
Question 89 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 89 Chapter 2 of Class 12 Part – 1

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89. Ankur, Bhavna and Disha are partners in a firm. On 1st April 2011 the balance in their capital accounts stood at Rs. 14,00,000, Rs. 6,00,000 and Rs. 4,00,000 respectively. They shared profits in the proportion of 7:3:2 respectively. Partners are entitled to interest on capital @6% per annum and salary to Bhavna @ Rs.50,000 p.a. and a commission of Rs. 3,000 per month to Disha as per the provisions of the partnership deed.
Bhavna’s share of profit (excluding interest on capital) is guaranteed at not less than Rs. 1,70,000 p.a. Disha’s share of profit (including interest on capital but excluding commission) is guaranteed at not less than Rs. 1,50,000 p.a. Any deficiency arising on that account shall be met by Ankur. The profits of the firm for the year ended 31st March 2012 amounted to Rs. 9,50,000. Prepare ‘Profit and Loss Appropriation Account’ for the year ended 31st March 2012.

The solution of Question 89 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Appreciation Account

For the year ended 31st March 2017

Particulars 

 

Amount

Particular

Amount
To Interest on Capital A/c:  By Profit b/d9,50,000
Ankur84,000   
Bhavna36,000   
Disha24,0001,44,000  
To Salary to Bhavna 50,000  
To Commission to Disha 36,000  
To Profit transferred to:    
Ankur4,20,000   
Less: Deficiency of Disha6,0004,14,000  
Bhavna 1,80,000  
Disha1,20,000   
Add: from Ankur6,0001,26,000  
  9,50,000 9,50,000

Working Note:

Disha’s share of guaranteed profit (A)1,50,000
(Including Interest on Capital) 
Her share in profit1,20,000
Her interst on capital24,000
(B)1,44,000
Defiency of Disha (A-B)6,000

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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)

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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)

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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

Chapter No. 4 – Ratio Analysis

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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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