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

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

Question 70 Chapter 2 of Class 12 Part – 1

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 Loss 60,000 By Net Loss Transferred to: [50,000+10,000(Interest on Shyam’s Loan)] Ratan’s Capital A/c 12,000 Shyam’s Capital A/c 12,000 Seema’s Capital A/c 36,000 60,000 60,000 60,000

Journal Entry

 Date Particular L . F Dr. ₹ Cr. ₹ Interest on Shyam’s Loan A/c Dr. 10,000 To Shyam’s Loan A/c 10,000 (Being Interest provided on Shyam’s Loan) Profit and Loss A/c Dr. 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/c Dr. 12,000 Shyam’s Capital A/c Dr. 12,000 Seema’s Capital A/c Dr. 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/c Dr. 28,000 Shyam’s Capital A/c Dr. 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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## 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)

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

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size