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VDO+ Tag:Question 4 Chapter 2 of Class 12 Part – 1 Usha Publication
4. (Absence of Partnership deed) A presents the following profit and loss appropriation account to his partner B:
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Video Tag:| Profit and Loss Appropriation Account | ||||
| Particulars | Amount | Particulars | Amount | |
| To Interest on capital | By Profit for the year | 1,00,400 | ||
| A | 9,600 | |||
| B | 4,800 | 14,400 | ||
| To A’ s Salary | 4,800 | |||
| To Interest on B’s Loan | 7,200 | |||
| To Net profit transferred to Capital a/cs | ||||
| -A (4/7) | 17,600 | |||
| -B (3/7) | 13,200 | 30,800 | ||
| 1,00,400 | 1,00,400 | |||
There is no partnership deed. B feels that he has not been treated fairly. Point out whether A has contravened the provisions of law and draw out new profit and loss appropriation account as per provisions of Indian Partnership Act.
The solution of Question 4 Chapter 2 of Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 4 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 question numbers 3, 4, 13, 14, 15 & 17 Chapter no. 2 class 12 of Usha publication. To check the direct solution of question no. 4 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 |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Interest on B’s Loan @6% p.a. | 7,200 | By Profit for the year | 1,00,400 | ||
| To Net profit transferred to Capital a/cs | |||||
| -A (1/2) | 46,600 | ||||
| -B (1/2) | 46,600 | 93,200 | |||
| 1,00,400 | 1,00,400 | ||||
Note: 1) A is not entitled to a salary in absence of any agreement.
2) Partners are not entitled to any interest on capital.
3) In the absence of any agreement, profits should be distributed equally.
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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Download a PDF of Chapter No. 2 – Partnership Accounts – I (Introduction):
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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