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Question 90 Chapter 2 of Class 12 Part – 1 VK Publication

Question 90 Chapter 2 of Class 12 Part - 1 VK Publication
Question 90 Chapter 2 of Class 12 Part - 1 VK Publication

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Question 70 Chapter 2 of Class 12 Part – 1

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90. Ratan, Shyam and Seema are partners in a firm. They share profits in the ratio of 1:1:3. Seema is guaranteed a minimum profit of Rs. 20,000 p.a. Losses for the year ended is Rs. 50,000 before allowing salary to Ratan Rs. 2,500 and interest on loan to Shyam Rs. 10,000. Pass necessary journal entries and show ledgers for division of loss.

The solution of Question 90 Chapter 2 of Class 12 Part – 1: –

Profit and Loss Account

For the year ended 31st March 2018

Particulars 

Amount

Particular

 Amount
To Net Loss60,000By Net Loss Transferred to:  
[50,000+10,000(Interest on Shyam’s Loan)] Ratan’s Capital A/c12,000 
  Shyam’s Capital A/c12,000 
  Seema’s Capital A/c36,00060,000
 60,000  60,000

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Journal Entry

Date Particular L . F
 
Dr. ₹Cr. ₹
 Interest on Shyam’s Loan A/cDr. 10,000 
 To Shyam’s Loan A/c   10,000
 (Being Interest provided on Shyam’s Loan)    
 Profit and Loss A/cDr. 10,000 
 To Interest on Shyam’s Loan A/c   10,000
 (Being interest on charged against P&L A/c)    
 Ratan’s Capital A/cDr. 12,000 
 Shyam’s Capital A/cDr. 12,000 
 Seema’s Capital A/cDr. 36,000 
 To Profit and Loss A/c   60,000
 (Being loss of Rs. 60,000 transferred to partners’ capital accounts)    
 Ratan’s Capital A/cDr. 28,000 
 Shyam’s Capital A/cDr. 28,000 
 To Seema’s Capital A/c   56,000
 (Being deficiency of Seema’s share of profit bome by Ratan and Shyam in their profit sharing ratio)    

Notes: (i) Seema’s share of lost is Rs. 36,000, but she is guaranteed a minimum profit of Rs. 20,000. So, she will be credited by Rs. 56,000 (36,000+20,000) and thus deficiency will be borne by Ratan and Shyam in their profit sharing ratio of 1:1, i.e., Rs. 28,000 by Ratan and Rs. 28,000 by Shyam (ii) Salary of Rs. 2,500 to Ratan will not be allowed in case of loss as Salary is appropriation of profit

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Also, Check out the solved question of all Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

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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)

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)

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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

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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