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VDO+ Tag:Question 49 Chapter 2 of Class 12 Part – 1 Usha Publication
49. (P/L appropriation a/c, Partners capital & current accounts)X and Y were partners in firm sharing profits in the ratio of 3:2.On 1.4.2016 their fixed capitals were Rs.3,00,000 and Rs.2,50,000 respectively. On 1.10.2016 they decided that their total capital (fixed) should be Rs.6,00,000 in their profit sharing ratio. Accordingly, they introduced extra capital or withdrew excess capital. The partnership deed provided for the following:
(a) Interest on capital to be allowed @12% p.a.
(b) Interest on drawings @18% p.a.
(c) A monthly salary of Rs.2,000 to X and a monthly salary of Rs.1,500 to Y. The drawings of X and Y during the year as follows:
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Video Tag:| Year (2016-17) | X | Y |
| Sep-30 | 20,000 | 15,000 |
| Dec-31 | 20,000 | 25,000 |
During the year ended 31.3.2017, the firm earned a net profit of Rs.1,50,000. 10% of this profit was to be transferred to the general reserve. You are required to prepare:
1. Profit and Loss appropriation account
2. Partners’ Capital accounts
3. Partners current accounts.
The solution of Question 49 Chapter 2 of Class 12 Part – 1 Usha Publication: –
We are providing a solution of Question 49 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. 49 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 General Reserve | 15,000 | By net profit | 1,50,000 | ||
| To Interest on capital (WN1) – X | 39,600 | By Interest on drawings (WN2) – | |||
| -Y | 29,400 | 69000 | -X | 2,700 | |
| To Salaries – X(2,000*12) | 24,000 | -Y | 2,475 | 5,175 | |
| -Y (1,500*12) | 18,000 | 42,000 | |||
| To Net profit transferred to Capital a/cs | |||||
| -X(3/5) | 17,505 | ||||
| -Y(2/5) | 11,670 | 29,175 | |||
| 1,55,175 | 1,55,175 | ||||
| Partners’ Capital Account | |||||||
| Particulars |
X | Y | Particulars |
X | Y | ||
| To cash a/c (withdrawn) (BF) | – | 10,000 | By Balance B/d | 3,00,000 | 2,50,000 | ||
| By cash a/c (introduced) (BF) | 60,000 | – | |||||
| To Balance c/d | 3,60,000 | 2,40,000 | |||||
| 3,60,000 | 2,50,000 | 3,60,000 | 2,50,000 | ||||
| Partners’ Current Account | |||||||
| Particulars |
X | Y | Particulars |
X | Y | ||
| To Drawings A/c | 40,000 | 40,000 | By Interest on Capital A/c | 39,600 | 29,400 | ||
| To Interest on Drawings A/c | 2,700 | 2,475 | By Salary | 24,000 | 18,000 | ||
| By P&L Appropriation A/c | 17,505 | 11,670 | |||||
| To Balance c/d | 38,405 | 16,595 | |||||
| 81,105 | 59,070 | 81,105 | 59,070 | ||||
Working Note: –
1. Calculation of Interest on partners’ Capital @12%:
| X: | |
| On 3,00,000 for ½ year: | 18,000 |
| On 3,60,000 for ½ year: | 21,600 |
| 39,600 |
| Y: | |
| On 2,50,000 for ½ year: | 15,000 |
| On 2,40,000 for ½ year: | 14,400 |
| 29,400 |
2. Calculation of Interest on partners’ Drawings @18%:
| X: | |
| On 20,000 for ½ year (Oct-march): | 1,800 |
| On 20,000 for ¼ year (Jan – March): | 900 |
| 2,700 |
| Y: | |
| On 15,000 for ½ year (Oct-March): | 1350 |
| On 25,000 for ¼ year (Jan- March): | 1,125 |
| 2,475 |
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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