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VDO+ Tag:Question 42 Chapter 2 of Class 12 Part – 1 Usha Publication
42. (Fluctuating Capital a/c’s/ Profit & Loss App. A/c) A and B are in partnership sharing profits and losses equally. A’s Capital is Rs.10,000 and B’s Capital is Rs.2,000. Profits for the year ended 31st March 2019 are Rs 6,000 before charging interest on drawings. Interest at 5% p.a. is to be charged on drawings which were as follows:
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Video Tag:| A | Amount | B | Amount |
| 1st July 2018 | 200 | 1st June 2018 | 100 |
| 1st Aug 2018 | 100 | 1st July 2018 | 100 |
| 1st Sept 2018 | 300 | 1st Sept. 2018 | 50 |
| 1st Nov 2018 | 50 | 1st Oct 2018 | 200 |
| 1st Feb. 2019 | 100 | 1st Dec. 2018 | 300 |
Assuming that the capitals are fluctuating, show the partners capital accounts and profit and loss App. account.
The solution of Question 42 Chapter 2 of Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 42 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 41 to 45 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 42 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 App. A/c |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
| By Profit b/d | 6,000 | ||||
| By interest on drawings: | |||||
| -A | 21.46 | ||||
| -B | 19.38 | 40.84 | |||
| To Net profit transferred to Capital a/cs | |||||
| -A (1/2) | 3,020.42 | ||||
| -B (1/2) | 3,020.42 | 6,040.84 | |||
| 6,040.84 | 6,040.84 | ||||
| Profit and Loss Account A/c |
|||||||
| Particulars |
A | B | Particulars |
A | B | ||
| To Drawings A/c | 750 | 750 | By Balance b/d | 10,000 | 2,000 | ||
| To Interest on Drawings A/c | 21.46 | 19.38 | By net profit | 3,020.42 | 3,020.42 | ||
| To Balance c/d | 12,248.96 | 4251.04 | |||||
| 13,020.42 | 5,020.42 |
13,020.42 | 5,020.42 | ||||
Working Note: –
Calculation of Interest on A’s Drawings:
We will do it with the product method because of partner withdrawal a different amount every time.
| Date |
Amount (A) |
Period Left after(B) | Product (C=A*B) |
| 1-7-18 | 200 | 9 | 1,800 |
| 1-8-18 | 100 | 8 | 800 |
| 1-9-18 | 300 | 7 | 2,100 |
| 1-11-18 | 50 | 5 | 250 |
| 1-2-19 | 100 | 2 | 200 |
| Sum of Product | 5,150 | ||
| Interest on Drawing | = | 5150 | X | 5 | X | 1 |
| 100 | 12 | |||||
| Interest on Drawing | = | 21.46/- |
| Date |
Amount (A) |
Period Left after(B) | Product (C=A*B) |
| 1-6-18 | 100 | 10 | 1,000 |
| 1-7-18 | 100 | 9 | 900 |
| 1-9-18 | 50 | 7 | 350 |
| 1-10-18 | 200 | 6 | 1,200 |
| 1-12-19 | 300 | 4 | 1,200 |
| Sum of Product | 4,650 | ||
| Interest on Drawing | = | 4650 | X | 5 | X | 1 |
| 100 | 12 | |||||
| Interest on Drawing | = | 19.38/- |
End of 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