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VDO+ Tag:Question 3 Chapter 2 of Class 12 Part – 1 Usha Publication
3. (Profit & Loss App. A/c / Partners’ Capital a/c’s) A and B started business in partnership on 1st Jan. 2018 and contributed Rs.1,00,000 and Rs. 80,000 respectively for capital. The terms of the partnership deed are as follows:
(i) Interest on capital @ 10% per annum;
(ii) Interest on drawings @12% per annum;
(iii) A to get a monthly salary of Rs.2,000 and B, a commission of Rs.10,000 p.a.
(iv) Profit and loss shall be shared in the ratio of their capitals.
The profit for the year was Rs. 1,30,030 before making the above adjustments. The drawings were Rs.20,000 and Rs.16,000 of A and B respectively.
Prepare Profit and Loss Appropriation Account and Partners’ Capital Accounts. The capital accounts are fluctuating.
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Video Tag:The solution of Question 3 Chapter 2 of Class 12 Part – 1 Usha Publication:-
We are providing a solution of Question 3 Chapter 2 of Class 12 Part – 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of questions number 3, 4, 13, 14, 15 & 17 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 3 from the following video by using time stamps of the video.
2. Check out the Solution of this question in Article Format: –
| Profit and Loss Appropriation Account A/c for the year ended 31st Dec. 2018 |
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| Particulars |
Amount | Particulars |
Amount | ||
| To Interest on capital – | By Profit b/d | 1,30,030 | |||
| A | 10,000 | By interest on drawings: | |||
| B | 8,000 | 18,000 | -A (On 20,000 for 6 months) | 1,200 | |
| To A’ s Salary (Rs.2,000*12) | 24,000 | -B (On 16,000 for 6 months) | 960 | 2,160 | |
| To B’s Commission | 10,000 | ||||
| To Net profit transferred to Capital a/cs | |||||
| -A (80,190 x 5/9) | 44,550 | ||||
| -B (80,190 x 4/9) | 35,640 | 80,190 | |||
| 1,32,190 | 1,32,190 | ||||
working Note :-
A : B
1,00,000 : 80,000
5 : 4
| Partners’ Capital Accounts |
|||||||
| Particulars |
A | B | Particulars |
A | B | ||
| To Drawings A/c | 20,000 | 16,000 | By Balance B/d | 1,00,000 | 80,000 | ||
| To Interest on Drawings A/c | 1,200 | 960 | By Interest on Capital A/c | 10,000 | 8,000 | ||
| By Salary | 24,000 | – | |||||
| By Commission | – | 10,000 | |||||
| To Balance c/d | 1,57,350 | 1,16,680 | By P&L Appropriation A/c | 44,550 | 35,640 | ||
| 1,78,550 | 1,33,640 |
1,78,550 | 1,33,640 |
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End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 2 – Partnership Accounts – I (Basic Concepts) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication