Advertisement
VDO+ Tag:Question 46 Chapter 2 of Class 12 Part – 1 Usha Publication
46. (Profit and loss Appropriation a/c, Fixed and Fluctuating Capital a/c’s) On 1st April, 2016 A and B entered in a partnership contributing Rs.24,000 and Rs.10,000 respectively. According to the deed, the interest on capital is to be allowed and on drawings to be charged @15% p.a. A and B shall receive a monthly salary of Rs.2,000 each. A is entitled to 2/5 of profits. During the year, the following transactions took place:
(a) On 1st October, 2016 A withdrew (on permanent basis)Rs.8,000 from his capital and B introduced Rs.4,000 as additional capital.
(b) The drawings of A and B were Rs.12,000 each drawn at different intervals of time and the interest corresponding to these drawings were Rs. 675 and Rs.450 respectively.
(c) The profit for the year before any adjustment is made was Rs.60,000.
Prepare the profit and loss appropriation account and the necessary accounts assuming that:
(i) The capitals are fluctuating.
(ii) The capitals are fixed.
Advertisement
Video Tag:The solution of Question 46 Chapter 2 of Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 46 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 46 to 49 in Chapter No. 2 class 12 of Usha publication. To check the direct solution of question no. 46 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 | ||
| To Interest on capital – A | 3,000 | By Profit b/d | 60,000 | ||
| -B | 1,800 | 4,800 | By interest on drawings: | ||
| To salary- A | 24,000 | -A | 675 | ||
| -B | 24,000 | 48,000 | -B | 450 | 1,125 |
| To Net profit transferred to Capital a/cs | |||||
| -A (3/5) | 4,995 | ||||
| -B (2/5) | 3,330 | 8,325 | |||
| 61,125 | 61,125 | ||||
(a)If capitals are fluctuating :
| Partners’ Current A/c | |||||||
| Particulars |
A | B | Particulars |
A | B | ||
| To Cash A/c | 8,000 | – | By Balance B/d | 24,000 | 10,000 | ||
| To Drawings A/c | 12000 | 12000 | By Cash | – | 4,000 | ||
| To Interest on Drawings A/c | 675 | 450 | By Interest on Capital A/c | 3,000 | 1,800 | ||
| By Salary | 24,000 | 24,000 | |||||
| By P&L Appropriation A/c | 4,995 | 3,330 | |||||
| To Balance c/d | 35,320 | 30,680 | |||||
| 55,995 | 43,130 |
55,995 | 43,130 | ||||
(b)If capitals are fixed :
| Partners’ Capital A/c | |||||||
| Particulars |
A | B | Particulars |
A | B | ||
| To Cash A/c | 8,000 | – | By Balance B/d | 24,000 | 10,000 | ||
| By Cash | – | 4,000 | |||||
| To Balance c/d | 16,000 | 14,000 | |||||
| 24,000 | 14,000 |
24,000 | 14,000 | ||||
| Partners’ Current A/c | |||||||
| Particulars |
A | B | Particulars |
A | B | ||
| To Drawings A/c | 12,000 | 12,000 | By Interest on Capital A/c | 3,000 | 1,800 | ||
| To Interest on Drawings A/c | 675 | 450 | By Salary | 24,000 | 24,000 | ||
| By P&L Appropriation A/c | 4,995 | 3,330 | |||||
| To Balance c/d | 19,320 | 16,680 | |||||
| 31,995 | 29,130 |
31,995 | 29,130 | ||||
Working Note: –
Calculation of Interest on Partners’ Capital:
| Amount |
|
| A | |
| On 24,000 for ½ year: | 1,800 |
| On 16,000 for ½ year: | 1,200 |
| 3,000 | |
| Amount |
|
| B | |
| On 10,000 for ½ year: | 750 |
| On 14,000 for ½ year: | 1,050 |
| 1,800 |
Thanks, Please Like and share with your friends
Comment if you have any questions.
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