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Question 9 Chapter 2 of Class 12 Part – 1
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9. Sheela and Sankalita are partners sharing profits and losses in the ratio of 2:3. Sheela’s capital account showed a balance of Rs. 4,00,000 while Sankalita’s capital account stood at Rs. 6,00,000. The current account balances of Sheela and Sankalita were Rs. 1,00,000 and Rs. 1,50,000 respectively. The profit earned during the year is Rs. 1,02,000.
The partnership deed laid down that Sheela should be paid a salary of Rs. 1,000 p.m. whe Sankalita is entitled to a commission of Rs. 15,000. Interest on Capital is to be credited at 6 pa Sheela and Sankalita withdrew Rs. 12,000 and Rs. 18,000 respectively during the year. Interes on Sheela’s drawing was decided to be Rs. 2,000 and on Sankalita’s drawings to be Rs. 3,000.
Prepare Profit and Loss Appropriation Account and Partners’ Capital and Current Accounts.
The solution of Question 9 Chapter 2 of Class 12 Part – 1: –
Profit and Loss Appreciation Account
| Particulars | Amount | Particulars | Amount | ||
| To Sheela’s Salary A/c | 12,000 | By Profit and Loss A/c | 1,02,000 | ||
| To Sankalita’s Commission A/c | 15,000 | By Interest on Drawings A/c: | |||
| To Interest on Capital A/c: | Sheela | 2,000 | |||
| Sheela | 24,000 | Sankalita | 3,000 | 5,000 | |
| Sankalita | 36,000 | 60,000 | |||
| To Net Profit transferred to: | |||||
| Sheela’s Current A/c | 8,000 | ||||
| Sankalita’s Current A/c | 12,000 | 20,000 | |||
| 1,07,000 | 1,07,000 |
Partner’s Capital Account
| Particulars | Sheela Rs. | Sankalita Rs. | Particulars | Sheela Rs. | Sankalita Rs. |
| To Balance c/d | 4,00,000 | 6,00,000 | By Balance b/d | 4,00,000 | 6,00,000 |
| 4,00,000 | 6,00,000 | 4,00,000 | 6,00,000 |
Partner’s Capital Account
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| Particulars | Sheela Rs. | Sankalita Rs. | Particulars | Sheela Rs. | Sankalita Rs. |
| To Drawing A/c | 12,000 | 18,000 | By Balance b/d | 1,00,000 | 1,50,000 |
| To Interest on Drawings A/c | 2,000 | 3,000 | By P&L App. A/c (Salary) | 12,000 | – |
| To Balance c/d | 1,30,000 | 1,92,000 | By P&L App. A/c (Comm.) | – | 15,000 |
| By P&L App. A/c (Interest on Capital) | 24,000 | 36,000 | |||
| By P&L App. A/c (Profit) | 8,000 | 12,000 | |||
| 1,44,000 | 2,13,000 | 1,44,000 | 2,13,000 |
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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)
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)
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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
Chapter No. 5 – Cash Flow Statement
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