Advertisement
VDO+ Tag:Question 37 Chapter 2 of Class 12 Part – 1 Usha Publication
37. (Treatment of salary and Commission) Pass Journal Entries for the following transactions and the relevant transfer entries to profit and loss appropriation account :
(a) Salary Rs.3,000 p.m. payable to partner X and Rs.4,000 p.m. to Y.
(b) Interest on Capital is allowed @10% p.a. on capital of Rs.1,00,000 and Rs.70,000 to X and Y respectively.
(c) Commission 5% is payable to Z on the profit of Rs.40,000.
Advertisement
Video Tag:The solution of Question 37 Chapter 2 of Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 37 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 from 37 to 40 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 37 from the following video by using time stamps of the video.
2. Check out the Solution of this question in Article Format: –
| Journal |
|||||
| Date | Particulars |
L.F | Debit | Credit | |
| a) | Partners’ Salary A/c | Dr. | 84,000 | ||
| To X’s Capital A/c | 36,000 | ||||
| To Y’s Capital A/c | 48,000 | ||||
| (Being salary due to partners) | |||||
| Profit and Loss Appropriation A/c | 84,000 | ||||
| To Partners’ Salary A/c | 84,000 | ||||
| (Being salary due to transferred to Profit and loss Appropriation A/c) | |||||
| b) | Interest on capital A/c | Dr. | 17,000 | ||
| To X’s Capital A/c | 10,000 | ||||
| To Y’s Capital A/c | 7,000 | ||||
| (Being interest on capital allowed) | |||||
| Profit and Loss Appropriation A/c | Dr. | 17,000 | |||
| To Interest on capital A/c | 17,000 | ||||
| (Being Interest on capital transferred to Profit and loss Appropriation A/c) | |||||
| c) | Commission A/c | Dr. | 2,000 | ||
| To Z’s Capital A/c | 2,000 | ||||
| (Being interest on Capital allowed) | |||||
| Profit and Loss Appropriation A/c | Dr. | 2,000 | |||
| To Z’s Commission A/c | 2,000 | ||||
| (Being commission transferred to Profit and loss Appropriation A/c) | |||||
| Profit and Loss A/c | Dr. | 1,03,000 | |||
| To Partners’ Salary A/c | 84,000 | ||||
| To Interest on capital A/c | 17,000 | ||||
| To Commission A/c | 2,000 | ||||
| (Being expenses transferred to Profit and loss account ) | |||||
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.
Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.
Thanks again.
Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):
If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.
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